Gold ($ 3,327/ounce) and silver ($ 32.5/ounce) won 2.8 percent and 0.6 percent respectively last week.
Similarly, in the domestic market, gold futures (₹ 95.254/10 gm) and silver futures (₹ 95.037/kg) won 1.6 percent and 0.8 percent respectively last week.
MCX-Gold (₹ 95,254)
Gold Futures (June), backed by the rally on Wednesday, recorded a weekly gain. The upward trend seems intact and the possibility of a greater rally is high.
Althegh ₹ 96,000 is a potential obstacle, given the current impulse, the contract is likely to exceed this and scope ₹ 98,000 and then ₹ 1,00,000 in the short term.
But in case there is a decrease in the current level of ₹ 95,254, you can find support to ₹ 93,800 and ₹ 92,500. While the contract remains above ₹ 91,300, there is no threat to the trend of the bull.
Commercial strategy: Buy gold to ₹ 95,250 and accumulate ₹ 93,800. Place detention arrest ₹ 92,300. When the contract touches ₹ 97,000, alter the stop-loss to ₹ 95,500. In a demonstration to ₹ 98,000, increase the stop-to ₹ 96,750. Book Benefits to ₹ 99,000.
MCX-Silver (₹ ₹ 95,037)
Silver Futures (May) went up to mark a maximum intraek of ₹ 96,965 on Wednesday. But then, most profits cool the duration of the next session. Consistently, he published a marginal or 0.8 percent gain for the week.
However, the price action shows that ₹ 94,300 has an action on the legs as a good support. At this level, the 200 -day mobile average coincides. Therefore, we are likely to see a rally on the back of this base.
The closest resistance is ₹ 98,000 followed by ₹ 1,01,500. The support below ₹ 94,300 is ₹ 92,000.
Commercial strategy: Go for a long time to ₹ 95,000, since there is support to ₹ 94,300. Stop-thess can be ₹ 93,300. In a manifestation to ₹ 98,000, modify the stop-to ₹ 96,000. Go to ₹ 1.00,000.
Posted on April 19, 2025