Gold and silver prices have been relatively stable in the past week, with gold hovering around $2,620 per ounce and silver at $29.4 per ounce. In the domestic market, gold futures were trading at ₹76,544 for 10 grams, up 0.2%, while silver futures were at ₹88,887 per kilogram, up 0.6%.
Looking at the technical analysis, gold futures are struggling to break above the 20-day moving average of ₹76,960, with the 50-day moving average at ₹77,320 acting as a resistance level. The broader trading range for gold is between ₹76,000 and ₹79,000, and a breakout above or below these levels could signal the next trend direction.
On the other hand, silver futures faced resistance at ₹90,000 last week, leading to a slight decline in prices. The chart setup suggests a potential further drop in silver prices, with support levels at ₹86,800 and ₹85,000. A break below ₹83,000 could intensify the selling pressure.
However, if silver manages to break above ₹90,000, it could rally towards ₹94,000 or even ₹96,500, with a breakout above this level turning the trend bullish. Resistance levels above ₹96,500 are at ₹1,02,500.
Given the uncertainty in the current trend for both gold and silver, it is advisable to refrain from trading at this time and wait for clearer signals to emerge. As always, it is essential to stay informed about the latest developments in the bullion market to make well-informed trading decisions.
