Gold, silver price prediction: Why gold, silver are under pressure; check outlook

Gold and silver price prediction today: Both gold and silver prices are expected to remain under pressure in the coming days, says Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group. Below is his outlook and trading strategy for gold and silver:MCX Gold Price OutlookMCX Gold is likely to remain under pressure in the near term as the price structure continues to form lower highs and lower lows, indicating a negative and bearish setup. This pattern suggests that selling pressure remains dominant, with the possibility of further downside once the ongoing consolidation phase comes to an end.Prices may continue to trade within a consolidation range in the short term; however, a decisive breakdown from this phase could trigger another leg of selling. On the downside, 148,000 is likely to act as the first important support level.