Gold May Touch ₹1.75 Lakh; Silver Eyes ₹3 Lakh

Gold and silver prices have recovered from recent lows, and market experts believe the broader trend remains positive.

According to Abhilash Koikkara, Head – Forex & Commodities at Nuvama Professional Clients Group, both precious metals are showing technical strength on the Multi Commodity Exchange (MCX).

MCX Gold Outlook

On the weekly chart, MCX gold has rebounded from trendline support and continues to trade with a bullish bias.

The immediate resistance level is placed around ₹1,60,755. A strong move above this mark could strengthen the positive outlook further.

Analysts say ₹1,48,400 remains a key support zone for gold. This level aligns with the 30-day exponential moving average, making it technically significant. If prices correct towards this zone, buying interest may emerge again.

As long as gold stays above ₹1,48,400, the overall structure is considered strong.

Based on current momentum and chart patterns, gold could aim for the ₹1,75,000 per 10 grams level in the coming sessions. A firm close above that mark would signal continuation of the upward trend.

MCX Gold Strategy (as per expert view):

• Current Market Price (CMP): ₹1,58,500

• Target: ₹1,75,000

• Stop Loss: ₹1,48,400

MCX Silver Outlook

Silver has also bounced back from recent lows and is currently testing an important retracement zone.

The broader trend for MCX silver remains positive, provided it holds above key support levels.

Immediate support is seen near ₹2,26,000. A decisive fall below this level could weaken the bullish outlook. However, until such a breakdown happens, corrective dips may attract fresh buying.

Experts believe silver could move towards ₹3,15,000 per kilogram in the near to medium term if momentum continues.

The recovery at the start of the week has reinforced the positive sentiment in the silver market.

MCX Silver Strategy (as per expert view):

• Current Market Price (CMP): ₹2,64,500

• Target: ₹3,15,000

• Stop Loss: ₹2,26,000

What Investors Should Note

Market experts advise traders to align with the prevailing trend while maintaining strict risk management through stop-loss levels.

It is important to note that these projections are based on technical analysis and current price momentum. Commodity markets can remain volatile due to global economic data, currency movement, and geopolitical developments.

Investors should consider their risk appetite and consult certified financial advisors before making trading decisions.

At present, both gold and silver appear to be maintaining a constructive technical setup, with key support levels acting as the foundation for further upside.