Gold and silver prices have rebounded from their recent lows and seem poised for a sustained upward trajectory, according to Abhilash Koikkara. The commodity expert provides his forecast for gold and silver in the upcoming sessions: On the weekly chart, MCX Gold persists in exhibiting a bullish bias following a successful rebound from the trendline support. A decisive break above last week’s high of Rs 160755, which is currently acting as immediate resistance, would further confirm and strengthen the bullish outlook.
The recent acceleration in momentum underscores the robustness and durability of the movement, with the overarching trend remaining favorable as long as prices maintain levels above the weekly low.In the upcoming week, the level of Rs 148,400 is anticipated to serve as a crucial support zone, aligning with the 30-day exponential moving average and underscoring its technical importance. Any corrective dip toward this region is likely to attract renewed buying interest, thereby protecting near-term downside pressure. Staying above this threshold preserves the overarching bullish framework and emphasizes the current upward trajectory.
Gold seems poised to further its ascent toward the Rs 175,000 mark in the forthcoming sessions. A firm close above this level would indicate sustained bullish momentum in the forthcoming periods. This anticipated movement aligns with the broader upward trajectory and indicates robust underlying momentum. Furthermore, the persistent trend of higher highs and higher lows observed on the weekly chart bolsters the optimistic perspective and indicates the possibility of a prolonged rally.In conclusion, gold exhibits a favorable outlook, supported by a technical framework that suggests potential for additional gains.
As long as prices maintain a position above the pivotal Rs 148,400 support level, the bullish framework remains unaltered. Bolstered by robust momentum indicators and a favorable sentiment backdrop, the precious metal appears poised to continue its upward trajectory in the forthcoming sessions.