The bullion market continues to exhibit strong bullish trends as gold and silver prices maintain upward momentum in the run-up to January 29, 2026, driven by both global market forces and technical trading patterns, analysts say. According to commodity expert Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, both metals are positioned for further gains as long as key support zones hold and trend structures remain intact.
On the Multi Commodity Exchange (MCX), gold futures have shown healthy strength, consistently making higher highs and trading near record levels. The bullish bias for gold remains well established following a decisive breakout from a brief consolidation phase, with minimal signs of trend reversal. Technical indicators suggest that if prices stay above the crucial support level near ₹1,57,500 per 10 grams, gold could extend its rally toward the ₹1,85,000 mark in coming sessions.
Silver’s performance has been even more impressive, with the metal posting all-time highs for the fifth straight period. The white metal’s upward trajectory shows little sign of slowing, and any pullbacks are expected to attract renewed buying interest. Strong momentum and favorable technical conditions indicate that silver could challenge the ₹4,15,000 per kilogram level as its next resistance, provided it stays above immediate support around the ₹3,40,000 zone.
Market participants are also closely watching reactions to broader macroeconomic factors such as currency movements, geopolitical uncertainty and safe-haven demand, which have supported bullion prices globally. Recent domestic price data indicates that silver has moved near ₹3.8 lakh/kg, reflecting significant gains over recent weeks, while gold remains elevated near record levels .
Despite the strong upside momentum, analysts advise traders to monitor key support and resistance levels carefully and remain aligned with the prevailing trend. As long as these technical structures hold, both gold and silver could sustain their advance, offering further opportunities in an otherwise volatile commodities landscape.
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