Gold & Silver Price Forecast: Will Gold and Silver Reach New Highs?

Gold prices are currently experiencing a surge, establishing new peaks and maintaining a strong upward trend characterized by successively higher price points. Silver is also demonstrating considerable positive momentum, successfully emerging from a phase of consolidation. Market analysts foresee continued increases in the value of both gold and silver.

Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, notes the bullish signals for both metals. Here's a more detailed look:

MCX Gold Analysis

Currently, MCX Gold is exhibiting a robust positive trend, clearly displaying a pattern of increasing highs and lows, which reinforces the existing bullish momentum. This price behavior suggests sustained buying interest when prices dip, confirming that the overall trend remains firmly directed upwards. As long as this pattern persists, the outlook for MCX Gold remains favorable.

From a technical standpoint, immediate support is established around the 132,000 level. This zone has proven to be a reliable base in recent trading activity, with buying consistently occurring on minor declines. Any retracement toward this level is likely to attract renewed buying interest, thereby limiting potential downside risk in the short term. Maintaining levels above this support is crucial to preserving the bullish structure.

On the upside, MCX Gold has the potential to advance toward the 137,000 level in upcoming trading sessions. This target aligns with the continuation of the prevailing trend and reflects the strength of the current momentum. A sustained move beyond intermediate resistance levels could further accelerate the upward movement. Overall, unless a decisive break below the 132,000 support occurs, MCX Gold is expected to maintain its positive trajectory. The broader technical setup supports the continuation of the uptrend, with higher levels remaining attainable as momentum and sentiment remain supportive.

• MCX Gold Trading Strategy**
• Current Market Price (CMP): 134,000
• Target: 137,000
• Stop Loss: 132,000

MCX Silver Analysis

MCX Silver has decisively broken out of a consolidation pattern, which serves as a strong positive technical signal indicating the continuation of an upward movement. Consolidation phases typically represent a period of equilibrium between buyers and sellers; breakouts from such formations often lead to a rapid price expansion as momentum builds. Recent price action in MCX Silver suggests that buyers have gained control, supporting a bullish outlook.

From a technical perspective, the breakout confirms renewed strength in the trend and increases the likelihood of further gains. As long as prices remain above the breakout zone, the bullish bias is likely to persist. Immediate and crucial support is observed around the 199,000 level. This level now acts as a strong base, and any corrective move toward this zone could attract fresh buying interest, helping to stabilize prices.

Looking ahead, MCX Silver has the potential to move toward the 210,000 level in the near to medium term. This target is derived from the height of the consolidation range and aligns well with the current momentum. Overall, unless prices fall back below the 199,000 support, MCX Silver is expected to maintain its positive trajectory, with higher levels remaining achievable as bullish sentiment continues to strengthen.

• MCX Silver Trading Strategy**
• Current Market Price (CMP): 203,900
• Target: 210,000
• Stop Loss: 199,000

***Disclaimer:** Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.*