Gold ($4,965/ounce) and silver ($78/ounce) saw some divergence in performance last week. While the former gained 1.4 per cent, the latter slumped 8.5 per cent.

In the domestic market, gold futures (₹1,55,451/10 gm) rose 2 per cent whereas silver futures (₹2,49,892/kg) tumbled 14.4 per cent. Here is our analysis:

MCX-Gold (₹1,55,451)

Gold futures (April) fell early last week to mark a low of ₹1,37,065 on Monday. But then the contract recovered to end the week higher at ₹1,55,451.

The price action shows that gold futures, which fell considerably on January 30, might be heading towards some consolidation in the near term.

From the current level, the nearest support and resistance level are ₹1,38,000 and ₹1,61,000 respectively. Only a breach of either of these can establish the next leg of trend.

Resistance above ₹1,61,000 is at ₹1,75,000 whereas the support below ₹1,38,000 can be spotted at ₹1,32,000.

 Trade strategy: As gold futures might remain sideways in the short term, traders can stay out for now until either ₹1,38,000 or ₹1,61,000 is breached.

MCX-Silver (₹2,49,892)

Silver futures (March) declined to hit a low of ₹2,25,805 last Monday. While the contract did recover some of the losses, the rebound was weak when compared to that of gold futures.

That said, silver futures too might see a sideways movement within a broad range in the forthcoming sessions after witnessing high volatility recently.

From the current level, the immediate support is at ₹2,28,000 whereas the nearest barrier is at ₹2,91,500. Hence, silver futures might consolidate between these two levels going ahead. The path of the next leg of trend depends on which of ₹2,28,000 and ₹2,91,500 is breached first.

Trade strategy: Given the uncertainty in the outlook, we suggest traders refrain from fresh trades.

Published on February 7, 2026