Gold ($5,171/ounce) and silver ($84.50/ounce) slipped 2.1 per cent and 10 per cent respectively over the last week. In the domestic market, gold futures (₹1,61,634/10gm) lost 0.3 per cent whereas silver futures (₹2,68,285/kg) was down 5.1 per cent. Here is our analysis.

MCX-Gold (₹1,61,634)

Gold futures (April) began last week with a gap-up and marked a high of ₹1,69,880 on Monday. But there was no follow-through rally and the contract moderated.

Nevertheless, the gold futures remain above the key support at ₹1,58,500, where a trendline and the 21-day moving average coincide.

We expect the contract to build a fresh leg of rally from the current level, which can lift gold futures to ₹1,80,000.

On the other hand, if the contract falls, it can find support at ₹1,58,500 and ₹1,54,000.

Trade strategy: Buy gold futures (April) now at ₹1,61,634. Place stop-loss at ₹1,54,000. When the contract rises to ₹1,72,000, revise the stop-loss to ₹1,67,000. Book profits at ₹1,80,000.

MCX-Silver (₹2,68,285)

Silver futures (May) rallied last Monday to hit a high of ₹2,97,799. It reversed direction on the same day and dropped. Since Tuesday though, the price has largely been flat, trading between ₹2,60,000 and ₹2,76,000.

While the contract stays above the 21-day moving average support, there are resistances at ₹2,76,000 and ₹2,79,000. Only if the latter is breached, silver futures can see a rise to ₹3,00,000. Resistance above ₹3,00,000 is at ₹3,20,000.

But, if there is a decline, the contract can find support at ₹2,60,000 and ₹2,50,000.

Trade strategy: Buy silver futures (May) if it breaks out of ₹2,79,000. Stop-loss can be at ₹2,58,000. When the contract touches ₹3,00,000, raise the stop-loss to ₹2,75,000. Exit at ₹3,20,000.

Published on March 7, 2026