Gold and silver prices saw modest gains in recent trading sessions. Gold appreciated by 1.3% to $4,194.70 per ounce, while silver rose by 0.7% to $60.40 per ounce. In the domestic market, gold futures climbed 0.7% to ₹1,51,499 per 10 grams, but silver futures dipped marginally by 0.1% to ₹2,25,755 per kilogram.
MCX-Gold (Dec) futures have been trading flat recently, despite a 1% gain on Friday. The contract faces key resistance levels that could limit its upward momentum. The nearest hurdle is at ₹1,54,000, and breaching this could push prices higher to ₹1,60,000, with further resistance at ₹1,65,000. On the downside, support is seen at ₹1,48,000, with a breakdown potentially leading to a fall to ₹1,44,000 or even ₹1,40,000.
Traders are advised to consider a short position on gold (Dec) futures at ₹1,53,000, with a stop-loss at ₹1,56,000 and a profit target at ₹1,44,000. Meanwhile, silver (Dec) futures saw a decline to ₹2,19,801 on Thursday but rallied over 2% on Friday. However, the contract remains below a crucial resistance level at ₹2,30,000, maintaining a bearish outlook.
For silver, a breakout above ₹2,30,000 could extend the rally to ₹2,42,000 or ₹2,50,000. Conversely, a resumption of the downtrend could see prices touch ₹2,19,000, with a breach potentially leading to a swift fall to ₹2,10,000. Traders are recommended to sell silver (Dec) futures at ₹2,29,000, with a stop-loss at ₹2,33,000 and a profit target at ₹2,20,000.