Gold and Silver Prices Show Positive Movement Amid Bullish Bias

The price of gold and silver continues to show positive movement, according to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group. Gold has immediate resistance at 147,000 and 149,000, with the current setup favouring a bullish bias in the sessions ahead.

MCX Gold price is currently trading at 141,670, with a target of 149,000 and a stop loss of 139,500. The broader trend remains positive, making any dip towards support a buying opportunity rather than a sign for trend reversal.

The level of 139,500 is crucial to hold heading into the week, being the recent swing low. Any dip toward this zone is likely to draw fresh buyers and limit the downside. A decisive break below it would weaken the positive outlook and invite fresh selling pressure.

Similarly, MCX Silver price has bounced from consolidation support and is now trading within a narrower range. The next resistance for silver is placed at 230,000, with the swing high at 238,000 as the crucial resistance to target beyond the week.