Abhilash Koikkara, Head of Forex & Commodities at Nuvama, told the market that MCX Gold is poised to break 155,000 rupees if the 147,000 support level holds, while MCX Silver could move to 232,000 rupees if the 221,000 support remains intact.
Gold has just rebounded from the 147,000 zone, signaling renewed buying interest at lower levels. The price structure is still bullish, and a sustained move above recent highs could confirm the broader uptrend.
Silver, by contrast, is trading weaker against gold, but the overall precious‑metal trend remains supportive. If gold keeps climbing, silver may follow suit, potentially easing into the 232,000 target.
The recommended trading setup for gold sets a cost‑to‑market at 150,000, a target at 155,000 and a stop‑loss at 147,000. For silver, the CMP is 225,000, with a target of 232,000 and a stop at 221,000.
Market participants are watching the daily close for signs of a breakout. A decisive break below 147,000 for gold or 221,000 for silver would weaken the current bullish structure and trigger a correction.
If the support levels hold, traders can expect a rally towards the respective targets, with risk‑managed stops tightening as prices approach the 155,000 and 232,000 levels.