Precious metals extended the decline last week. Gold ($4,088/ounce) and silver ($59.20/ounce) depreciated 1.6 and 8.8 per cent. Similarly, in the domestic market, gold futures (₹1,44,162/10 gm) lost 2.1 per cent and silver futures (₹2,23,472/kg) fell 6.4 per cent. Below is an analysis.
Gold futures (Aug) declined to an intra-week low of ₹1,40,543 on Wednesday before recovering modestly. The prevailing chart structure indicates that bears remain in control, with no clear signs of a sustained uptrend. That said, a short-term corrective rebound towards ₹1,50,000 cannot be ruled out.
A breakout above ₹1,50,000 can pave the way for a rally to ₹1,54,000. However, only a decisive breach of ₹1,54,000 will turn the broader outlook bullish.
Conversely, if the contract resumes its decline from the current level of ₹1,44,162, it could slide towards ₹1,38,000.
Trade strategy: Risk-averse traders can stay on the sidelines for now. Aggressive traders may consider going long at ₹1,44,000 with a target of ₹1,50,000. Maintain a stop-loss at ₹1,40,000. As this is a counter-trend trade, strict adherence to the stop-loss is essential.
Silver futures (Sep) touched an intra-week low of ₹2,13,265 on Wednesday before rebounding to close at ₹2,23,472. Similar to gold, the broader trend in silver futures remains bearish.
However, the contract could witness a corrective recovery from current levels, potentially taking it to ₹2,40,000. A breakout above this level can extend the rally towards ₹2,58,000.
On the downside, if silver futures fail to sustain the rebound and reverse lower from the current level of ₹2,23,472, the contract could decline to ₹2,00,000.
Trade strategy: Traders with a higher risk appetite can consider buying silver futures at ₹2,23,400. The target and stop-loss can be placed at ₹2,40,000 and ₹2,12,400 respectively. Conservative traders may avoid this trade.
Published on June 27, 2026
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