Precious metals continued to face selling pressure on the Multi Commodity Exchange (MCX), with technical indicators pointing to a bearish outlook for both gold and silver in the near term,

MCX Gold opened lower, reflecting weak market sentiment and an ongoing downtrend characterized by lower highs and lower lows. Analysts identify the Rs. 152,000 level as a key resistance zone, where any recovery is likely to attract fresh selling interest. Gold is expected to test support around Rs. 140,000, while a sustained move above Rs. 157,000 could invalidate the bearish outlook.

Silver is also trading with a cautious-to-negative bias, with market participants favoring a sell-on-rise strategy. The Rs. 240,000 level remains a significant resistance area, and any rally towards this zone could trigger renewed selling. On the downside, silver is expected to move towards Rs. 225,000, while a break above Rs. 249,000 may signal a reversal in trend.

Market experts advise traders to closely monitor global economic developments, US dollar movements, central bank policy signals, interest rate expectations, geopolitical events, and industrial demand trends, all of which could influence precious metal prices and increase short-term volatility.

Overall, the near-term bias remains cautious to negative, with prices attempting to stabilize near a key support level. A breakout above immediate resistance is required to improve sentiment and stabilize the structure, while geopolitical developments, safe-haven demand, and broader market volatility continue to influence price direction.