Now Reading: Nuvama sees sideways to bearish trend for gold and silver
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Nuvama sees sideways to bearish trend for gold and silver
Gold and silver prices are expected to stay under pressure in the near term, with a sideways to bearish trend, according to Abhilash Koikkara, Head of Forex and Commodities at Nuvama Professional…
Gold and silver prices are expected to stay under pressure in the near term, with a sideways to bearish trend, according to Abhilash Koikkara, Head of Forex and Commodities at Nuvama Professional Clients Group. MCX Gold is trading at Rs 151,300, with a target of Rs 144,000 and a stop loss at Rs 155,000. A sustained break below the 148,000 support level could extend the decline to the 144,000 to 140,000 zone.
MCX Silver, trading at Rs 234,600, has a target of Rs 225,000 and a stop loss at Rs 244,000. Koikkara said the key support for silver this week is 225,000, with resistance at 245,000 and then 248,000. A move above 248,000 would confirm a bullish bias. The overall technical outlook remains weak, and momentum indicators point to a continued corrective phase.
Indian Opinion Analysis
Commodity prices have been under global pressure from a strong US dollar and expectations that the US Federal Reserve will keep interest rates higher for longer. Gold, which hit an all-time high above Rs 170,000 per 10 grams on MCX in early 2024, has corrected sharply since then. The 148,000 level is the last major support before the 144,000-140,000 zone, which was last tested in October 2023. A daily close above 155,000 would be the first sign that the bearish momentum has broken. For silver, the 225,000 level is critical: it held as support in late November 2024 and if it breaks, the next floor is around 210,000. The next major trigger for both metals will be the US non-farm payrolls data, due on the first Friday of every month, which influences the dollar and rate expectations.
Source: timesofindia.indiatimes.com
This brief was synthesised by AI from the source linked above.
