Gold, silver price prediction: Will MCX Gold trade with negative bias; check outlook on October 8, 2026

MCX Gold is likely to remain range-bound with a negative bias in the near term, as the overall price structure continues to indicate weakness

Gold and silver price prediction today: Gold and silver prices are expected to trade with a negative bias in the coming days, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. Here’s his detailed outlook:

MCX Gold Price Outlook

MCX Gold is likely to remain range-bound with a negative bias in the near term, as the overall price structure continues to indicate weakness. The formation of lower highs and lower lows remains intact on the daily chart, suggesting that sellers continue to maintain control over the trend. Unless the metal manages to break above its immediate resistance zone, any recovery is likely to face selling pressure at higher levels.The key resistance for MCX Gold is placed around Rs 1,52,000, which is expected to act as an important hurdle for the bulls. A sustained move above this level could weaken the prevailing bearish structure and lead to a recovery towards higher levels. However, as long as prices remain below Rs 1,52,000, the downside risk remains elevated.On the lower side, MCX Gold is expected to gradually move towards the Rs 1,45,000 level, which remains the key downside target. A decisive break below the immediate support zone could accelerate the decline towards this level. Traders should therefore closely monitor the price action around Rs 1,52,000 on the upside and Rs 1,45,000 on the downside. Overall, the outlook remains range-bound to bearish, with a preference for selling on rallies until the broader lower-high and lower-low structure is negated.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver is negatively poised in the near term, with the overall technical structure indicating continued weakness. The metal has been facing selling pressure at higher levels, and the prevailing price action suggests that bears remain in control. Unless silver manages to reclaim its immediate resistance zone, the possibility of further downside remains high.The key resistance is placed at Rs 2,30,400, which is likely to act as an important hurdle for the bulls. Any recovery towards this level could attract fresh selling pressure, keeping the overall trend tilted towards the downside. A sustained move above Rs 2,30,400, however, could weaken the current bearish setup and provide some scope for a short-term recovery.On the downside, MCX Silver is expected to move towards the Rs 2,15,000 level, which remains the key target in the current setup. A decisive break below immediate support levels could further strengthen the bearish momentum and accelerate the decline towards this target.Therefore, traders should closely monitor the price action around Rs 2,30,400. As long as silver trades below this resistance, the preferred strategy would be to remain cautious on fresh long positions and consider selling on rallies. Overall, the outlook remains bearish, with Rs 2,15,000 emerging as the key downside objective in the near term.

MCX Silver Trading Strategy

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