Gold, Silver Prices Seen Under Pressure Amid Bearish Trends
The price of gold and silver is expected to remain under pressure in the coming days, according to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group.
MCX Gold's price structure has been forming lower highs and lower lows, indicating a bearish setup. This pattern suggests that selling pressure remains dominant, with the possibility of further downside once the ongoing consolidation phase comes to an end.
The current technical setup favors a sell-on-rise approach for gold, with traders closely watching the 148,000 and 145,000 levels as potential downside targets. If prices break below 148,000 with sustained selling pressure, the decline could extend further toward the 145,000 zone.
On the other hand, MCX Silver is also expected to remain under pressure in the coming sessions, due to higher US Treasury yields ahead of the upcoming Federal Reserve meeting on September 16. The metal's technical setup continues to indicate weakness, with selling pressure likely to persist unless it manages to reclaim its immediate resistance levels.