Gold & silver price prediction today: Will bullish momentum of MCX Gold, MCX Silver continue ahead of Diwali? Here’s the outlook for gold, silver rates

Given the ongoing geopolitical tensions, inflationary concerns, and a weak global economic outlook, gold remains a preferred safe-haven asset. (AI image)

Gold and silver price prediction today: Both gold and silver prices are exhibiting strong bullish momentum and investors should look to buy on dips, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:

MCX Gold Outlook:

MCX Gold prices are currently trading around the ₹1,27,000 mark, reflecting strong bullish momentum. On the international front, COMEX gold is comfortably holding above the $4,000 level, further reinforcing the positive trend. This price behaviour indicates that gold is consistently forming higher lows, which is a classic sign of strength in technical analysis. The ability to protect previous support levels suggests that buyers are active at lower levels, absorbing selling pressure and preparing for potential upside moves.From a short-term trading perspective, gold prices have the potential to move towards the ₹1,30,000 level if the current momentum continues. Traders can consider accumulating positions near the ₹1,26,000 support zone, where buying interest has previously emerged. A strong support base is seen at ₹1,23,500, and any dip toward this level may offer a good risk-reward entry for bullish positions.Given the ongoing geopolitical tensions, inflationary concerns, and a weak global economic outlook, gold remains a preferred safe-haven asset. These factors are likely to keep demand strong and prices buoyant in the near term. As long as prices sustain above the key support levels, the outlook for gold remains optimistic with further upside potential.

MCX Gold Trading Strategy:

Buy on Dips near to 126000 for the above mentioned target

MCX Silver Outlook

MCX Silver has shown significant strength and has outperformed MCX Gold in recent sessions, currently trading around ₹1,60,000 levels. This rally reflects robust bullish sentiment driven by a combination of industrial demand, investment interest, and a positive technical setup. Silver’s strong price action suggests that market participants are confident in its upside potential, especially as it continues to make higher highs and higher lows, a clear sign of an ongoing uptrend.Compared to gold, silver tends to exhibit more volatility, which can offer attractive trading opportunities. Any corrective move or dip toward the ₹1,57,000 level can be seen as a buying opportunity, supported by strong demand and momentum. On the upside, prices have the potential to move toward ₹1,63,000 in the near term. Traders should maintain a stop-loss at ₹1,54,000 to manage risk effectively in case of unexpected price reversals.Silver’s dual role as both a precious and industrial metal makes it a favored asset in times of economic uncertainty, as well as during periods of industrial recovery. With favorable fundamentals and technical strength, silver remains well-positioned for further gains, and buying on dips strategy could prove rewarding in the current market environment.

MCX Silver Trading Strategy

Buy on Dips near to 157000 for the above mentioned target(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)