MCX Gold was trading at Rs 161,900 on August 27, 2026, after testing the May 2026 highs, and the near-term trend remains firmly bullish, according to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group. The contract has climbed from Rs 154,200 on August 20, when Koikkara first published a target of Rs 162,000. By August 27, the target had been lifted to Rs 170,000, a week-over-week gain of approximately 5% in the metal's price on the Multi Commodity Exchange of India.
MCX Gold: Consolidation Above Breakout Supports
Gold entered a consolidation phase after breaking out of a descending triangle formation, and the fact that prices are holding above that formation is a positive sign keeping the near-term trend in bullish bias, Koikkara said in the August 20 outlook. Prices formed a base above the trendline that triggered the breakout, which adds further confidence to the bullish structure. At that time, the 149,000 level was identified as both the breakout level and the previous week's key support, with 162,000 as the next meaningful resistance. A sustained daily close above 156,000 would confirm the support bounce and signal that buyers were back in control.
In the August 27 update, Koikkara noted gold had entered a consolidation phase at the start of the week after testing the May 2026 highs, and prices continuing to hold around those levels is an encouraging sign. The breakout level of 156,000 from the formation and last week's key support remains the crucial floor to watch. The target was revised upward to 170,000, with a daily close above 164,500 needed to confirm that buyers have firmly resumed control. Both reports also highlighted that gold started the week with a gap-up opening, clearing the previous week's move, while the weekly trend continues to keep the door open for further gains.
Koikkara advised treating any near-term dip toward support as an accumulation opportunity rather than a warning sign of a trend reversal:
With the base trend staying firmly positive, any near-term dip toward support is worth treating as an accumulation opportunity rather than a warning sign of a trend reversal.
The explicit trading strategy for MCX Gold evolved as follows:
- August 20 strategy: CMP Rs 154,200 | Target Rs 162,000 | Stop Loss Rs 149,000
- August 27 strategy: CMP Rs 161,900 | Target Rs 170,000 | Stoploss Rs 156,000
MCX Silver: Buying Opportunity on the Retest
Silver is presenting a buying opportunity as it retraces toward the breakout zone from its descending triangle formation, Koikkara wrote on August 20. While silver's short-term bias is more sideways to positive compared with gold's firm bullish trend, the bullish case from current levels stays firmly intact and the broader setup continues to favour the upside. On that date, the 220,000 level stood out as strong support, marking the breakout level, with 240,000 as immediate resistance and 252,000 as the next resistance. A move above 240,000 would confirm the bullish bias.
By August 27, silver was consolidating around monthly highs following the descending triangle breakout, a move Koikkara described as more like a healthy retest of the breakout level than a reversal. Support had risen to 239,000, which marks the breakout level and should limit any further downside. Silver is eyeing 249,000 as immediate resistance, with 256,000 as the next meaningful target beyond that. A move above 249,000 would confirm the bullish bias and keep the momentum firmly alive, technicals and momentum both pointing in the right direction. The key support to hold remains at 239,000.
Trading Strategy and Key Levels at a Glance
The table below compares the key levels published in the two outlook reports from Koikkara for MCX Gold and MCX Silver.
| Metal | Date | CMP (Rs) | Support (Rs) | Target (Rs) |
|---|---|---|---|---|
| MCX Gold | Aug 20, 2026 | 154,200 | 149,000 | 162,000 |
| MCX Gold | Aug 27, 2026 | 161,900 | 156,000 | 170,000 |
| MCX Silver | Aug 20, 2026 | Not stated | 220,000 | 240,000 |
| MCX Silver | Aug 27, 2026 | Not stated | 239,000 | 249,000 |
For MCX Gold, the explicit stop-loss in the trading strategy matches the support level on each date. For MCX Silver, the support level acts as the invalidation line; a firm close below it would shift the bias, according to Koikkara. Silver's second resistance targets are 252,000 (August 20 outlook) and 256,000 (August 27 outlook).
Trader Takeaways
According to Koikkara, any dip toward support should attract fresh buyers and limit the downside, while a breach of support would call the bullish move into question. This gives traders a defined risk framework: for gold, a stop below 156,000 against a target of 170,000; for silver, a stop below 239,000 against a target of 249,000, then 256,000. The analyst's outlook is driven entirely by chart patterns, including descending triangle breakouts, gap-up openings, consolidation at monthly highs, and weekly trend momentum.
The two outlooks, published a week apart, show a progressive strengthening of the bullish case, with support and target levels ratcheting higher as prices advanced. For commodity traders and analysts tracking MCX precious metals, the levels outlined by Nuvama Professional Clients Group provide a clear technical roadmap for the near term.
