Gold ($5,280/ounce) and silver ($93.80/ounce) appreciated 3.5 per cent and 10.8 per cent respectively over the last week. In the domestic market, gold futures (₹1,62,104/10 gm) rose 3.3 per cent, whereas silver futures (₹2,82,644/kg) was up 8.3 per cent. Here is our analysis:

MCX-Gold (₹1,62,104)

Gold futures (April) broke out of the resistance at ₹1,59,000 last Monday. But in the following sessions it remained flat and then saw another upswing on Friday to end the week on a bullish tone.

The price action shows that the contract is sustaining well above the resistance-turned-support at ₹1,59,000, thus maintaining a bullish bias. Gold futures is likely to extend the rally where it can touch ₹1,70,000 in the near term.

On the other hand, if the contract falls, it can find support at ₹1,59,000 and ₹1,57,000.

Trade strategy: Last week, we suggested buying gold futures at ₹1,56,800. Retain this trade. But revise the stop-loss from ₹1,48,000 to ₹1,52,000. On a rally to ₹1,65,000, revise the stop-loss to ₹1,61,000. Book profits at ₹1,70,000.

MCX-Silver (₹2,82,644)

Silver futures (May) opened with a gap-up last Monday. But after this, the contract remained sideways. On Friday, there was a considerable rally, leading to the clear breakout of the resistance at ₹2,80,000. This has opened the door for further rally.

The contract is likely to hit ₹3,20,000 soon. On the other hand, if there is a decline, silver futures (May) can find support at ₹2,80,000 and ₹2,62,000.

Nevertheless, the momentum is now with the bulls and so, the chances for a rally are high.

Trade strategy: Buy silver futures now at ₹2,82,644 with a stop-loss at ₹2,68,000. When the contract touches ₹3,05,000, trail the stop-loss to ₹2,88,000. Exit at ₹3,20,000.

Published on February 28, 2026