Gold and silver price prediction today: Gold rate is exhibiting a short-term bearish trend as its long-term story of being a safe haven remains intact. Where are gold and silver prices headed in the near-term and what levels should investors watch out for? Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group shares his views:
MCX Gold Price Outlook
Prices have broken the crucial ₹96,000 support zone, triggering a short-term bearish bias in MCX gold. With that cushion gone, technicals suggest immediate downside targets near ₹94,500 and possibly sliding lower toward ₹94,000 if momentum picks up.Several technical indicators reinforce this negative near-term outlook: gold is trading below its 10 and 21‑period EMAs, the RSI sits under 50, and MACD shows a widening bearish histogram—classic signs of a short-term downtrend . As long as ₹96,000 remains resistant, bears retain control.In markets over the medium-to-long term, gold fundamentals remain favourable. Easing Fed rate pressure, geopolitical uncertainty, and supportive macro trends are expected to propel prices higher over the longer horizon.The bias is negative in the short run—watch ₹94,500–₹94,000 as next support. But on longer timeframes, the positive structural story for gold remains intact.
MCX Gold Strategy
- CMP: Rs 96,000
- Target 1: Rs 94,500
- Target 2: Rs 94,000
- Stoploss: Rs 97,000
MCX Silver Price Outlook
MCX Silver is currently trading near the upper limit of its short-term range—₹109,000—suggesting limited upward momentum and a negative bias. With prices testing resistance, a pullback toward the lower boundary of ₹104,000 appears likely. Once silver retraces to ₹104,000, the down‑leg would likely be complete—paving the way for the broader uptrend to resume.Technically, repeated resistance at ₹109k and rising supply near this zone point to consolidation in the ₹104,000–₹109,000 range. A dip to ₹104k would offer a strategic entry point, aligning with both range play and bullish longer‑term outlook.Expect silver to oscillate within ₹104,000–₹109,000 with a negative short‑term tilt. A pullback toward ₹104k should complete the current down‑leg, setting the stage for the next leg of the longer-term uptrend.
MCX Silver Strategy
- CMP: Rs 1,07,800
- Target: Rs 1,04,000
- Stoploss: Rs 1,09,000
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
