Gold Prices May Soften as Resistance Levels Take Hold
The prices of precious metals, gold and silver, have been rising but at a slower pace in recent weeks. Gold futures rose to ₹1,54,506 per 10 grams, an increase of 1.8 percent from the previous week, while silver futures gained 1.9 percent to reach ₹2,35,924 per kilogram.
Despite the uptrend, analysts are predicting a minor price decline in gold and silver due to strong resistance levels. For gold, the 200-day moving average lies at ₹1,55,720, creating a barrier for prices to break through. If this happens, gold futures could drop to ₹1,49,000 or even ₹1,47,000.
Similarly, silver futures face significant resistance between ₹2,40,000 and ₹2,42,000, leading analysts to predict a price drop possibly to ₹2,27,000 or even ₹2,25,000. However, if the contract breaks out of this range, it can rally to ₹2,58,500.