Precious metals gained last week as sentiment in the market improved and the dollar fell. Gold ($4,750/ounce) and silver ($75.90/ounce) appreciated 1.6 per cent and 4 per cent respectively.
In the domestic market, gold futures (₹1,52,652/10 gm) rose 2 per cent whereas silver futures (₹2,43,274/kg) was up 4.6 per cent.
Here is our analysis:
Gold ($4,750)
The yellow metal posted gains for a second week in a row. However, the price action shows that it is struggling to surpass the barrier at $4,800. A breakout of this and a subsequent rise past the 50-day moving average, now at $4,900, can turn the near-term outlook bullish. A breakout of $4,900 can take the contract to $5,100.
On the other hand, if there is a decline, gold can find support at $4,600. A breach of this can turn the outlook bearish again. In such a scenario, the price can decline to $4,350.
Gold futures (June) extended the rally last week. Nevertheless, it has a resistance at ₹1,55,000 where the 50 per cent Fibonacci retracement of the prior downswing coincides.
Only a clear breakout of ₹1,55,000 and a rally above ₹1,57,000 can give the contract a positive outlook. A rally past ₹1,57,000 can take the contract to ₹1,63,000 and ₹1,68,000.
On the other hand, if gold futures declines, the support at ₹1,47,500 can arrest the fall. But if this is cracked, the contract can slip to ₹1,40,000.
Trade strategy: Stay out for now. Nevertheless, traders with higher risk appetite can short gold futures at ₹1,54,000. Target and stop-loss can be ₹1,44,000 and ₹1,58,000 respectively.
Silver has gained for the third week in a row. However, the price action does not show such a strong uptrend as the weekly gains project it to be.
There are resistances nearby at $77 and $79.25. If the ongoing uptrend can take silver above the latter, the near-term view will turn positive. A breakout of $79.25 can take it to $88.
However, if the downtrend resumes from the current level, silver can fall to $66, a support.
Silver futures (May) rallied last week. Although the price has been moving up over the last three weeks, the chart shows that this uptick could still be only a corrective rise. For this to become an uptrend, the contract should cross over the barrier at ₹2,54,000.
A rally past ₹2,54,000 can trigger an upswing to ₹2,80,000. Whereas if silver futures starts to fall from the current level, it can decline to ₹2,20,000
Trade strategy: Traders with higher risk appetite can short silver futures at ₹2,45,000. Target and stop-loss can be ₹2,25,000 and ₹2,55,000 respectively.
Published on April 11, 2026
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