Gold & silver price prediction today: Will gold rate stay below Rs 1 lakh mark – what’s the outlook and should you buy or sell? – Times of India

Gold and silver price prediction today: Gold prices are likely to consolidate in the near term and should proceed cautiously in a volatile global economic environment. Silver prices too are showing some signs of weakness. What should the MCX Gold and MCX Silver target prices be in the near term? Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group shares his views:

MCX Gold Price Outlook

Gold prices have recently come down from their highs and are currently expected to consolidate within a broad range before resuming their upward trend. On the Multi Commodity Exchange (MCX), prices are likely to remain largely between the ₹98,000 to ₹1,00,000 levels in the near term, forming a base for the next leg of the rally. A breakout above ₹1,01,000 could signal strength and open the path toward ₹1,03,000 in the short to medium term.On the international front, COMEX gold is trading near the $3,300 mark. The current consolidation phase may persist unless there is a strong breakout above the key resistance level of $3,355. A sustained move above this level would indicate a resumption of the broader bullish trend, supported by ongoing geopolitical uncertainties, central bank buying, and expectations of interest rate cuts by the Federal Reserve.Until such breakouts occur, traders should watch for price behavior around the mentioned support and resistance levels, as the consolidation zone may offer short-term trading opportunities. Investors with a longer-term view can consider accumulating on dips, keeping in mind that gold continues to remain an attractive hedge against inflation and currency debasement.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver is showing signs of weakness as it begins to form a pattern of lower highs and lower lows, indicating a bearish trend in the short term. This price structure suggests that selling pressure is gradually increasing, and unless there is a strong reversal, silver prices may continue to drift lower.Immediate support is seen near ₹1,09,000, and if this level is breached, it could trigger further downside momentum.On the upside, any recovery in prices may face resistance near the ₹1,14,000 level. This area has previously acted as a supply zone and is expected to cap any near-term rallies unless there is a significant change in market sentiment or a strong fundamental trigger. Only a decisive move above this resistance could open the door for a trend reversal and renewed bullish momentum.Overall, the technical outlook for MCX Silver remains cautious, with a negative bias prevailing as long as the lower high–lower low pattern continues. Traders are advised to monitor price action closely and consider using rallies as selling opportunities near to Rs 114,000 levels with stop loss at Rs 116,000, with appropriate risk management. Investors should also keep an eye on global cues, including U.S. economic data, dollar strength, and industrial demand trends, which can influence silver prices.

MCX Silver Trading Strategy

(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)