Gold ($5,104/ounce) and silver ($84.60/ounce) appreciated 1.2 per cent and 9.3 per cent respectively over the last week. In the domestic market, gold futures (₹1,56,876/10gm) rose 0.6 per cent whereas silver futures (₹2,52,944/kg) was up 3.5 per cent. Here is our analysis.

MCX-Gold (₹1,56,876)

Gold futures (April) remained within the range of ₹1,50,000-1,61,000 over the past week. But the price action of gold in the international market gives some positive impetus and there are indications for a fresh leg of rally from the current level.

So, gold futures now stares at the prospect of breaking out of the resistance at ₹1,61,000 and rally to ₹1,70,000. But instead, if it falls and breaches the support at ₹1,50,000, the outlook can turn weak.

Trade strategy: Buy gold futures at ₹1,56,800 and place a stop-loss at ₹1,48,000. When the contract rises past ₹1,61,000, trail the stop-loss to ₹1,52,000. On a rally to ₹1,65,000, revise the stop-loss to ₹1,61,000. Book profits at ₹1,70,000.

MCX-Silver (₹2,52,944)

Silver futures (March) opened last week on a weak note and slipped to a low of ₹2,26,076 on Tuesday. But it soon recovered as there was support at ₹2,28,000.

While it has not breached the barriers at ₹2,68,000 and ₹2,80,000, we cannot reject the possibility of gold’s positive influence on silver. So, there is a chance for silver futures to see an uptick, possibly to ₹3,00,000.

The positive view will be negated if the contract breaches the support at ₹2,28,000.  

Trade strategy: Buy silver futures at ₹2,52,900 with a stop-loss at ₹2,25,000. When the contract touches ₹2,80,000, trail the stop-loss to ₹2,68,000. Exit at ₹3,00,000.

Risk-averse traders can avoid trades on both gold futures and silver futures.

Published on February 21, 2026