Precious Metals Prices Slip, Potential Targets Identified

The prices of precious metals softened last week, with gold and silver dropping by 0.2% and 1%, respectively.

In the domestic market, gold futures were down 0.6%, while silver futures lost 2.2%.

An analysis suggests that MCX-Gold has formed a new base at ₹1,41,000, with potential targets of ₹1,47,500 and ₹1,50,000 if it moves up from this level.

If the support at ₹1,41,000 is breached, gold futures could fall to ₹1,34,000.

For traders with high risk tolerance, a buy signal can be triggered at ₹1,42,000, with targets and stop-loss set at ₹1,49,000 and ₹1,39,500 respectively.