Gold & silver price prediction today: Will gold rate test Rs 1 lakh mark soon – what’s the outlook and should you buy or sell?

Gold is currently holding a crucial support level around ₹95,800. This zone is significant, as a strong reversal from here could potentially trigger a recovery in prices. (AI image)

Gold and silver price prediction today: Gold has been dipping after a recent surge amidst tensions in the Middle East. With the US declaring a ceasefire between Iran and Israel, the safe haven demand for gold has somewhat gone down. What’s the outlook for gold and silver prices in the near future and what gold and silver rate levels should investors look at? Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group shares his views:

MCX Gold Outlook:

Gold is currently holding a crucial support level around ₹95,800. This zone is significant, as a strong reversal from here could potentially trigger a recovery in prices, targeting the ₹98,500 mark. This level also coincides with a previously unfilled gap, making it a key technical target for traders watching for a bounce.Despite a recent 4% correction in gold prices, the broader trend remains positive. The pullback is being viewed as a healthy retracement within a larger bullish structure, and market sentiment continues to favor the upside, especially amid ongoing macroeconomic uncertainty and global demand for safe-haven assets.A sustained move above ₹98,500 would be a strong bullish signal, clearing the way for a possible retest of the psychological ₹100,000 mark. Momentum traders may closely watch for confirmation above this resistance level to enter fresh long positions. On the downside, if ₹95,800 fails to hold, it could invite further selling pressure, but for now, the support remains intact. Overall, the bias remains positive, with technical indicators pointing to a potential recovery, provided key levels are respected. Investors are advised to stay alert for price action cues around the ₹95,800–₹98,500 range.

MCX Gold Strategy:

MCX Silver Outlook

MCX Silver has recently witnessed a sharp decline of around 5% from its recent highs, triggering short-term concerns among traders. However, despite this pullback, the broader trend for silver remains firmly positive. The recent correction appears to be a temporary pause within an ongoing bullish trajectory, rather than a reversal of the larger trend.The ₹102,500 level is emerging as a crucial support zone, and price action near this area will be key in determining the next move. This level has historically provided a base for reversals, and a strong bounce from here could reignite bullish momentum. Technical indicators suggest that as long as this support holds, the upside potential remains intact.On the higher side, silver prices have the potential to reclaim the ₹109,000 level, which represents a significant resistance zone and a near-term target for buyers. A sustained move above this resistance could pave the way for further gains in the medium term.Overall, while short-term volatility may persist, the underlying strength in silver remains. Traders and investors should closely monitor the ₹102,500 support for signs of reversal, as it could offer a favorable risk-reward entry point for the next leg higher.

MCX Silver 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)