Gold ($4,709.80/ounce) snapped a three-week rally as it lost 2.5 per cent last week. During this period, silver ($75.70/ounce), which gained for four weeks in a row, was down 6.3 per cent.
In the domestic market, gold futures (₹1,52,699/10 gm) slipped 1.2 per cent and silver futures (₹2,44,636/kg) lost 4.9 per cent. Here is our analysis:
Gold futures (June), while posted a loss in the past week, gained 0.6 per cent on Friday, cutting the overall decline. Notably, the recovery on Friday happened on the back of the 21-day moving average (DMA).
However, for the contract to establish a sustainable rally, the resistance at ₹1,55,000 should be breached. Once this occurs, gold futures can rise to ₹1,63,000.
But if the decline continues this week, the price is likely to drop to ₹1,44,000. Given the current chart set-up, there is a chance for further moderation in price before the rebound comes.
Trade strategy: Hold on to the short position we suggested at ₹1,54,000. But revise the stop-loss from ₹1,58,000 to ₹1,56,000. Retain target at ₹1,44,000.
Silver futures (May) was down through the week. Despite the uptick on Friday, it lost 4.9 per cent.
But similar to gold futures, the rebound occurred on the back of 21-DMA. Nevertheless, the outlook can turn positive only if it surpasses the hurdle at ₹2,60,000. In this case, it can go up to ₹2,80,000.
That said, the prevailing price action hints at some more downside before any possible recovery. The contract can drop to ₹2,30,000.
Trade strategy: Short silver futures at ₹2,50,000. Target and stop-loss can be ₹2,30,000 and ₹2,60,000 respectively.
Published on April 25, 2026
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