Precious metals rallied last week too. Gold ($4,832/ounce) was up 1.7 per cent whereas silver ($80.8/ounce) surged 6.4 per cent, outperforming the yellow metal. In the domestic market, gold futures (₹1,54,609/10 gm) rose 1.3 per cent and silver futures (₹2,57,142/kg) was up 5.7 per cent.
Gold futures (June) ended last week with a gain. However, the price action fails to give any notable bullish signal. The resistance at ₹1,55,000 ought to be breached and the contract should cross above ₹1,57,000 to build a sustainable rally. The 50-day moving average coincides at ₹1,57,000 making it an important level.
Suppose gold futures breaks out of ₹1,57,000, it can rally to ₹1,63,000 and ₹1,68,000. But in case there is a decline from the current level, gold futures can find support at ₹1,50,000. Subsequent support is at ₹1,47,500.
Trade strategy: Last week, we suggested initiating a short position at ₹1,54,000. Hold this trade. Retain the target and stop-loss at ₹1,44,000 and ₹1,58,000 respectively.
Silver futures (May) rallied last week. It marked a high of ₹2,61,750 on Friday before ending the week at ₹2,57,142.
While the contract has closed above a key level at ₹2,54,000, there is another resistance in sight at ₹2,63,000. To build a durable rally, silver futures should surpass the barrier at ₹2,63,000. Once this occurs, the contract can see a quick upswing to ₹2,80,000.
On the other hand, if silver futures declines from the current level, it can find support at ₹2,54,000 and ₹2,43,800.
Overall, as it stands, the chart shows a bullish bias but there is a resistance ahead which can arrest the rally.
Trade strategy: Traders with higher risk appetite can short silver futures at ₹2,58,000. Target and stop-loss can be ₹2,44,000 and ₹2,63,000 respectively.
Published on April 18, 2026
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