Gold, silver price prediction: After duty hike to 15%, will gold head to Rs 1.70 lakh/10 grams & silver hit Rs 3.4 lakh/kg? Check outlook

MCX Gold is holding a bullish tone on the weekly chart, bouncing from recent lows and pushing back toward the recent swing high. (AI image)

Gold and silver price prediction today: According to Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group, both gold and silver prices are exhibiting a bullish bias this week.

MCX Gold Price Outlook

MCX Gold is holding a bullish tone on the weekly chart, bouncing from recent lows and pushing back toward the recent swing high. The hike in import duty has given prices an additional lift, and with the base trend firmly pointing up, any near-term dips could be worth watching as accumulation opportunities. A firm close below key support levels could open the door to a deeper pullback but as long as the recent swing lows hold, the broader uptrend stays intact.The 155,000 levels which also marks the weekly breakout level is the key support to watch heading into the week. Any dip toward this area is likely to draw fresh buying interest and keep the downside in check. The bullish structure stays intact as long as prices hold above this level, but a firm close below would be enough to call the bullish move.Gold has 170,000 squarely in its sights, with the current setup continuing to support the upside in the sessions ahead. A move toward that level would confirm the bounce from support and keep buyers in control. Price action remains firm, and the path of least resistance stays higher.Gold heads into the sessions ahead with its bullish bias firmly in place, underpinned by a positive underlying trend that keeps further upside on the table. The 155,000 support level is the key floor holding the broader bullish structure together, lose that and the picture changes. With momentum indicators on side and sentiment still leaning positive, gold looks well-placed to push higher from here.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver is showing a strong bullish move on the weekly chart, with the recent import duty hike adding fresh momentum to the bounce from recent lows. The price structure stays firmly positive, and with the broader trend still pointing up, any dip toward the previous week’s low is worth watching as a buying opportunity. Stay aligned with the trend and keep stop-losses near the latest weekly lows to manage any sudden downside risk.Silver kicked off the week on a strong bullish note, continuing to trade with upward momentum. The bullish bias stays intact as long as prices hold above key weekly lows, with the current week’s low at 262,000 acting as the immediate support to watch. A firm close below that mark would put the bulls under pressure but until that happens, any short-term dips are likely to attract buyers and keep the broader uptrend on course.Silver has its sights set on 320,000 as the next meaningful target, with the recent swing high around 340,000 as the target beyond that. A firm close above 320,000 would open the door to that higher level and keep the bullish trend firmly in play, backed by steady momentum and supportive technical readings. The key level to hold below is 262,000 as long as that floor stays intact, the broader uptrend holds and further gains remain very much on the table.

MCX Silver Trading Strategy

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