Whalesbook
Precious metals are showing a strong bullish bias.
Gold's Upward Momentum
Gold on MCX is maintaining its upward momentum after breaking out of a consolidation phase, with the base trend pointing higher. Analysts suggest any near-term dips should be viewed as accumulation opportunities, especially with import duty hikes providing additional support. The key support level to watch for gold is 154,500, which also marks the weekly breakout point. As long as prices remain above this level, the broader uptrend is expected to continue. The next meaningful target for gold is seen at 170,000, signaling a continuation of the bullish move. Momentum indicators are favorable, and sentiment remains positive for gold.
Silver's Bullish Outlook
For MCX Silver, the outlook is also bullish, despite consolidating on the weekly chart. The base trend remains strong, and recent import duty increases are injecting fresh momentum into the uptrend. Traders are advised to align with the trend and use dips toward previous week's lows as buying opportunities. The immediate support for silver is pegged at 261,000, representing the current week's low. A close below this level could shift the balance, but current technical readings suggest further gains are likely. Silver's immediate target is 285,000, with a larger objective at the recent swing high of 300,000. A sustained move above 300,000 would reinforce the bullish trend.