Gold steadied final week whereas silver depreciated. Gold ($3,363/ounce) was up 0.8 per cent however silver ($37/ounce) misplaced 3 per cent.
Equally, within the home market, gold futures (Oct) (₹99,754/10 gm) gained 1 per cent whereas silver futures (Sep) (₹1,10,258/kg) was down 2.5 per cent.
MCX-Gold (₹99,754)
The October gold futures was largely flat till Thursday. However it rallied on Friday, resulting in a weekly achieve. The contract bounced off a trendline help ₹98,500.
Friday’s rally has positioned the bulls in a greater place, and we are able to anticipate additional rally. The closest resistance is at ₹1,01,500. A breakout of this will set off an upswing to ₹1,05,000.
In case the value drops and gold futures slip beneath the trendline help, it may possibly prolong the decline to ₹97,000. Subsequent help is at ₹96,000.
Commerce technique: Retain the longs initiated on gold futures (Oct) at ₹98,700. Goal and stop-loss will be ₹1,01,500 and ₹97,650 respectively.
MCX-Silver (₹1,10,258)
Silver futures (Sep) fell as ₹1,14,000 acted as a barrier final week. Whereas the broader development is bullish, the prevailing worth motion hints at an extension of the continuing downswing earlier than the bulls regain traction.
We anticipate silver futures to drop to ₹1,08,200 the place a trendline coincides. Beneath that is the help band of ₹1,05,000-1,06,400. A restoration can raise the contract to ₹1,15,000. However a breach of ₹1,05,000 can set off a fall to ₹1,00,000.
Nonetheless, because it stands, a fall beneath the help at ₹1,05,000 is much less doubtless.
Commerce technique: On the present stage, the draw back is proscribed for contemporary shorts and the risk-reward ratio is unfavourable for lengthy positions. So, we recommend staying out.
Printed on August 2, 2025
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