The current price action, combined with improving momentum indicators, signals that MCX Gold is poised for further gains in the near term. (AI image)

Gold and silver price prediction today:Gold prices may continue to rally in the coming sessions, maintaining their upward momentum while silver is also expected to gain, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:

MCX Gold Price Outlook

MCX Gold has recently given a bullish breakout from an inverse head and shoulders pattern, which is considered a strong technical signal indicating a potential trend reversal. This breakout suggests renewed buying interest and a shift in market sentiment from bearish to bullish. The pattern’s neckline breakout has been confirmed with higher volumes, adding strength to the bullish view.Technically, the inverse head and shoulders pattern represents a phase where selling pressure weakens, and buyers gradually take control. With this breakout, prices are likely to maintain upward momentum in the coming sessions. The next significant resistance and potential target is seen around the ₹129,000 level, where traders may look to book partial profits.On the downside, immediate support is placed near ₹122,600. As long as prices sustain above this support zone, the bullish outlook remains intact. Any pullback toward the support could offer a buying opportunity for traders looking to ride the upward trend. Overall, the current price action, combined with improving momentum indicators, signals that MCX Gold is poised for further gains in the near term. Maintaining positions with a stop loss below ₹122,600 could help manage risk effectively while aiming for the ₹129,000 target.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver has also given a bullish breakout from an inverse head and shoulders pattern, similar to the recent move seen in MCX Gold. The breakout above the neckline has been accompanied by a noticeable rise in trading volumes, confirming market participation in the uptrend. With this positive setup, prices have the potential to rally toward the ₹164,000 level in the near term. This target aligns with the measured move projection derived from the height of the pattern, further reinforcing the bullish outlook.On the downside, immediate support is seen near ₹152,000. As long as prices sustain above this level, the momentum is expected to remain positive. Any dips toward the support zone could be seen as a buying opportunity for traders with a short- to medium-term perspective. Overall, the technical structure and improving sentiment point to a strong possibility of continued upside movement in MCX Silver, with traders advised to maintain a stop loss below ₹152,000 while aiming for ₹164,000.

MCX Silver Trading Strategy

(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)