Now Reading: Gold, silver turn bullish after breakout, target Rs 160,000
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Gold, silver turn bullish after breakout, target Rs 160,000
MCX Gold and silver have turned bullish after breaking out of consolidation and a descending triangle formation, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. Gold…
The Story in Brief
MCX Gold and silver have turned bullish after breaking out of consolidation and a descending triangle formation, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. Gold is trading at Rs 154,500, with an immediate target of Rs 160,000 and a stop loss at Rs 149,000. The analyst says any dip toward the Rs 149,000 support level should be treated as a buying opportunity.
Silver has also resumed its bullish move and is trading at Rs 237,600, targeting Rs 251,000 with a stop loss at Rs 230,000. The short-term outlook for silver is sideways to positive, while gold's trend is firmly positive. The critical support for silver is Rs 230,000, below which the bias would change. The views are from the analyst and do not represent the Times of India.
The Indian Opinion
Market predictions often swing between euphoria and caution. The bullish call on gold and silver is based on technical breakouts, but the real test will be whether gold holds above Rs 149,000 and silver above Rs 230,000. A breach of those levels in the coming week would expose the hype. Investors should watch the daily close, not just intraday spikes, before betting on a sustained rally.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
