Editor’s Note
This analysis highlights a robust bullish trend for precious metals on the MCX, with gold eyeing ₹1,75,000 and silver poised to surpass ₹3 lakh. The article details key support-resistance levels and expert strategies for navigating this market.
Gold is showing a strong trend on MCX and is projected to potentially reach ₹1,75,000. Meanwhile, silver is estimated to cross ₹3 lakh. Find out the support-resistance levels, market trends, and the strategy investors should adopt, according to experts.
Gold on MCX is currently maintaining a strong trend. The weekly chart clearly shows that prices have bounced up from support, indicating that buying confidence in the market remains strong. According to experts, a crucial level is around ₹1,60,755, which is currently acting as a major resistance. If gold breaks above this level with strength, the bullish momentum could intensify.
The most important support level for the near future is considered to be around ₹1,48,400. This is the area where strong technical support exists. Even if prices fall to this level, it is believed that buying could resume from here. In other words, as long as gold remains above this support, the bullish trend is considered safe.
Now, the biggest question is: Can gold reach ₹1,75,000? Experts believe that if gold holds firm above current levels, it is possible to touch this level in the coming sessions. This estimate is not just hope but is based on strong technical indicators.
Silver has also shown a good recovery from its recent decline. Prices are currently moving around a significant technical level, indicating that the bullish trend may continue. Experts say that any dip in silver could present a buying opportunity because its broader trend is still upward.
Both precious metals are showing strong technical signals, and confidence seems to be returning to the market. However, it’s also important to remember that markets don’t always move in a straight line; fluctuations occur along the way. Therefore, experts advise following the trend and investing while managing risk. In simple terms, if the current support levels hold, both gold and silver could move towards new highs in the coming period.
In summary, the biggest question now is: Will gold really go to ₹1.75 lakh, and will silver manage to cross ₹3 lakh? The market itself will provide the answer in the coming weeks. But for now, the signals suggest that the story is not over yet. The next chapter of the rally is still pending.