Precious metals recovered strongly last week. Gold ($ 3,238/ounce) and silver ($ 32.3/ounce) fired 6.6 percent and 9.1 percent respectively.
Similarly, in the domestic market, gold futures (₹ 93,745/10 gm) and silver futures (₹ 94.286/kg) won 6.4 percent and 8.1 percent respectively last week.
MCX-Gold (₹ 93,745)
Gold Futures (June) opened last week on the weak foot and fell to make a minimum of ₹ 86,710 on Monday. But then, there was a sudden wave of positivity that raised the contract.
He exceeded the previous peak and marked a new record of ₹ 93,940 on Friday. The price action shows a strong impulse and, therefore, the hood of the probability of a higher rally is high.
There may be a lower correction, possible to ₹ 92,500. But we expect Gold Futures from Anyge Rally to ₹ 96,000 and ₹ 98,000 in the short term.
Commercial strategy: For a better risk-reompensses relationship, buy gold futures when it dives to ₹ 92,500. Place the initial stop loss to ₹ 90,800. When the contract reaches ₹ 96,000 check the stop-loss to ₹ 94,000. Go out to ₹ 98,000.
MCX-Silver (₹ 94,286)
Silver Futures (May), who found support in ₹ 86,800, saw a strong recovery. Last week, the contract was recovered above a couple of key levels in ₹ 90,000 and ₹ 92,000.
That said, from the current level, the contract has resistance to ₹ 95,000, where the 200 -day mobile average coincides. On the back of this, we expect a temporary decrease but not an bearish investment in the trend.
After a possible fall of ₹ 92000, the contract can exceed the ₹ 95,000 and touch ₹ 98,000 in the short term.
Commercial strategy: Buy silver futures if softened ₹ 92,300. Target and Stop-Loss can be ₹ 98,000 and ₹ 89,800 respectively. After the operation begins, when the contract touches ₹ 96,000, check the stop-to ₹ 93,500.
Posted on April 12, 2025