Gold and Silver Prices Show Bullish Bias, Targeting New Highs
The gold and silver prices are showing a bullish bias over the last few sessions, according to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group.
MCX Gold has broken out of its consolidation phase and is now in a positive near-term trend. The price has also broken out of a descending triangle formation, adding conviction to the bullish case.
The crucial support level for gold this week is 149,000, which was the breakout level from the consolidation. Any dip towards this zone should attract buyers and cushion the downside.
Gold is targeting 160,000 as its immediate resistance, with the current setup favoring a bullish bias. Holding above 155,000 on a daily basis would validate the support bounce and signal that buyers are firmly back in control.