Gold ($4,613.80/ounce) and silver ($75.40/ounce) lost 2 per cent and 0.4 per cent respectively over the last week. In the domestic market, gold futures (₹1,51,352/10gm) was down 0.9 per cent whereas silver futures (₹2,50,937/kg) gained 0.4 per cent. 

MCX-Gold (₹1,51,352)

Gold futures (June) dropped in the first half of last week and marked a low of ₹1,47,950 on Wednesday. But it recovered some of the losses in the last two sessions.

Nevertheless, the price remains below the 21-day moving average and there are no strong signs of a bullish reversal at the moment.

Only a clear breakout of ₹1,55,000 can turn the outlook positive. At the same time, the price action shows that ₹1,48,000 is acting as a good support. So, there is a good chance for gold futures to consolidate between ₹1,48,000 and ₹1,55,000 this week.

Resistance above ₹1,55,000 is at ₹1,62,000 and support below ₹1,48,000 is at ₹1,40,000.

Trade strategy: We suggested shorting gold futures at ₹1,54,000 with a stop-loss at ₹1,56,000. Book profits at the current level of ₹1,51,352 since the chart hints at a sideways trend.

MCX-Silver (₹2,50,937)

Silver futures (July) declined to hit an intra-week low of ₹2,36,852 on Wednesday before recouping all the losses in the subsequent sessions.

However, the price action does not show a definite trend where the contract is trading within two important levels at ₹2,36,000 and ₹2,60,000.

Only a clear breach of either of these levels will give us clues about the next leg of trend. A breakout of ₹2,60,000 can take the contract to ₹2,80,000 whereas a breach of ₹2,36,000 can drag it to ₹2,20,000.

Trade strategy: Stay out as there is a lack of clarity.

Published on May 2, 2026