Gold and Silver Prices Consolidate After Recent Rally

Gold and silver have experienced a corrective move after their recent rally, leading to consolidation. MCX Gold has declined from ₹1,64,700 to ₹1,50,000, with the key support zone now at ₹1,42,000, ₹1,45,000.

According to Chandan Taparia, Head Derivatives & Technical at Wealth Management, Motilal Oswal Financial Services, gold is expected to remain a buy-on-decline opportunity. He suggests potential levels of ₹1,65,000, ₹1,70,000 for this strategy.

In silver, the key support level is ₹2,25,000, while ₹2,45,000, ₹2,50,000 could be an important zone on the upside. Taparia's outlook covers the next one to three months.