The recent trends in the bullion market show that gold and silver prices have both been fluctuating. Gold prices have been on the rise, reaching $2,702/ounce, while silver prices saw a slight dip to $30.3/ounce. In the domestic market, gold futures were up by 0.8% at ₹79,023/10 gm, while silver futures lost 1% at ₹91,602/kg.
MCX-Gold futures for February are currently trading around ₹79,000 with a bullish momentum that could potentially push it towards ₹80,200 and further to ₹81,000. On the downside, key support levels are at ₹78,000 and ₹77,500, with a broader bullish bias as long as ₹75,000 holds.
For MCX-Silver futures in March, prices dipped initially but found support at ₹90,000, which also coincides with the 20-day moving average. The resistance at ₹93,600 needs to be broken for silver futures to rally towards ₹96,500 and possibly even reach ₹1,02,500. However, if support at ₹90,000 is breached, the bullish bias will be negated, with further support levels at ₹86,800 and ₹85,000.
In terms of trade strategy, holding onto long positions in both gold and silver futures is advised. For gold, maintain a stop-loss at ₹77,800 and book profits at ₹80,000. For silver, the target is set at ₹96,500 with a stop-loss at ₹88,500.
These developments in the bullion market highlight the ongoing bullish sentiment, with potential for further price appreciation based on technical analysis and market trends. Investors and traders should keep a close watch on key support and resistance levels to make informed decisions regarding their positions in gold and silver futures.
