Gold and Silver Face Downside Pressure Ahead of Fed Meeting
MCX Gold trades at 153,400 rupees with analysts targeting a drop to 145,000. Silver sits at 242,000 rupees as rising US Treasury yields weigh on demand.
MCX Gold trades at 153,400 rupees. Analysts project a decline toward 145,000 rupees. The technical structure shows lower highs and lower lows. This pattern indicates persistent selling pressure. A break below 148,000 rupees would confirm the bearish trend. The current price action remains within a consolidation range. Decisive weakness is expected if support fails.
MCX Silver stands at 242,000 rupees. The metal faces similar downward pressure. Rising US Treasury yields reduce the appeal of non-yielding assets. The Federal Reserve meets on September 16. Higher yields typically suppress precious metal prices. Silver must reclaim 248,000 rupees to reverse the trend. Until then, the outlook remains weak.
Gold Technical Structure Remains Bearish
The price structure for gold is negative. It forms lower highs and lower lows. This indicates a dominant selling force. Traders are advised to sell on rallies. The first support level is 148,000 rupees. A sustained break below this level targets 145,000 rupees. Resistance sits at 159,000 rupees. Prices must hold above this level to weaken the bearish view. Any recovery toward 159,000 rupees will likely face renewed selling.
Silver Faces Yield Headwinds
Silver mirrors the weakness in gold. US Treasury yields are rising ahead of the Fed meeting. This reduces the attractiveness of silver. The technical setup for silver is also negative. Selling pressure is expected to persist. The key downside level is 230,000 rupees. A break below current support could accelerate the decline toward this target. Resistance is located at 248,000 rupees. Breaking this level would be required to shift the trend.
Market Outlook for September 10
Both metals are under pressure on September 10. The strategy favors selling on rises. Gold targets are 148,000 and 145,000 rupees. The stop loss is set at 159,000 rupees. Silver targets 230,000 rupees. The stop loss for silver is 248,000 rupees. These levels define the short-term trading range. Traders should monitor these zones for breakout signals. The broader trend remains weak for both commodities.
