Now Reading: Gold and silver seen holding upside bias on MCX, analyst says
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Gold and silver seen holding upside bias on MCX, analyst says
Abhilash Koikkara of Nuvama Professional Clients Group set out a bullish technical view for MCX gold and silver in remarks carried by Times of India for 6 August. He pegged gold's breakout…
Abhilash Koikkara of Nuvama Professional Clients Group set out a bullish technical view for MCX gold and silver in remarks carried by Times of India for 6 August. He pegged gold's breakout above its consolidation zone against a stop loss of 142,500, pointing to resistance levels of 148,000 and then 152,000, the latter marked as his eventual target, with the metal then trading at 146,100. For silver, trading at 225,800, he placed the floor at 220,000 and flagged 230,000 and a further weekly goal of 238,000 as the upside markers after its own break from consolidation. Momentum, in his reading, favoured further gains in both metals, with one caveat: a slide back under those support levels would undercut the positive case.
Indian Opinion Analysis
Nothing here is a market guarantee, only one analyst's same day chart reading, and the levels quoted for both metals will already be dated the moment currency swings, a rate decision or a geopolitical shock moves the underlying price. Koikkara's own condition, that slipping under the cited floors would undercut the bullish case, marks this out as a call that depends on price behaviour holding rather than a settled outcome. What lasting use the figures have is as a snapshot of where one analyst drew his lines on 6 August, not as an open ended forecast. Comparing today's actual MCX gold and silver quotes against the 146,100 and 225,800 levels cited for that date is the concrete check a reader can still run.
Source: timesofindia.indiatimes.com
This brief was synthesised by AI from the source linked above.
