Precious Metals Soar to New Heights Amid Strong Momentum

Precious metals have been on a roll, with gold and silver posting significant gains last week. Gold prices surged to $4,603 an ounce, up 5.2% from the previous week's close. Silver prices fared even better, climbing 6.6% to $69 an ounce.

In the domestic market, gold futures saw a rally of 5.1%, reaching ₹1,62,438 per 10 grams. Silver futures also rose by 4.5%, trading at ₹2,46,597 per kilogram.

The chart analysis suggests that the upward momentum is strong, with a high probability of further rallies in the near term. The nearest resistance level for gold futures is at ₹1,70,000, while silver futures are expected to touch ₹2,60,000 soon.