Gold and silver prices on the Multi Commodity Exchange (MCX) are exhibiting a bullish bias, with both metals recovering from consolidation zones, according to a Business Today report dated August 6, 2026. The outlook draws on technical analysis from Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, who sees gold heading toward recent swing highs and silver aligning with its base trend.
With the base trend firmly positive, any dip toward support is worth treating as a buying opportunity rather than a sign of trend reversal.
MCX Gold: Consolidation Breakout Points to 152,000
The report states that MCX Gold has "breached from its consolidation" and is heading toward recent swing highs, indicating an intermediate bullish move underway. With the base trend firmly positive, any dip toward support is worth treating as a buying opportunity rather than a sign of trend reversal, according to Business Today. The 142,500 level, aligning with the recent swing low, is flagged as the crucial support for the week; the report says the level "should act as a support & could bring buyers back in and cushion the downside."
Immediate resistance levels are pegged at 148,000 and 152,000, with the current setup continuing to favour the bullish bias. A move toward those levels would confirm that the bounce from support had real conviction, the report said. Gold opened the week on a positive note, recovering from consolidation support, while the weekly trend keeps the door open for further gains. The 142,500 mark serves as the backbone of the bullish setup — a breach of that level would call off the active trend.
MCX Silver: Recovery Outlook Targets 238,000
MCX Silver has stepped out of its consolidation and is now aligning with the base trend, making a near-term recovery "well on the cards," according to the report. Much like gold's positive trend, silver is expected to hold its positive bias and push higher from current levels. The 220,000 level provides strong support and should limit any further weakness. The short-term technical outlook stays positive as long as prices remain above this support, the report noted. A firm close below it would change the bias, but dips above that level should draw buyers in and keep the broader uptrend intact.
Immediate resistance to clear is 230,000, with the swing high at 238,000 as the more meaningful target for the week. A clean close above 230,000 would unlock further upside and keep the bullish momentum in place, with technicals and momentum both backing the move. The critical support to protect remains at 220,000, sustaining above the mentioned level should keep the bullish trend in place, according to Business Today.
Trading Strategy: CMP, Targets, and Stop Losses
The report includes specific trading levels for both metals, summarized below:
| Metal | Current Market Price (CMP) | Target | Stop Loss |
|---|---|---|---|
| MCX Gold | 146,100 | 152,000 | 142,500 |
| MCX Silver | 225,800 | 238,000 | 220,000 |
These levels were provided as part of the day's outlook for August 6, 2026, with the strategy reflecting the bullish-bias view outlined by Koikkara.
Key Levels to Watch This Week
According to the Business Today report, sustaining above the critical supports keeps the bullish trend in place. For gold, the pivotal level is 142,500; for silver, it is 220,000. A move below the recent lows would put the current positive trend under pressure, while a clean close above 230,000 in silver and a push toward 148,000–152,000 in gold would confirm buyer control.
The technical setup, as described in the report, suggests both metals are positioned to extend advances from current levels, with momentum constructive and broader trends intact. The report does not detail supply, demand, or inventory drivers, so the outlook remains purely technical for the session.
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