Precious metals prices were up last week. Gold ($4,053/ounce) and silver ($58.20/ounce) gained 0.9 and 4.1 per cent respectively. Similarly, in the domestic market, gold futures (₹1,43,106/10 gm) was up 1.6 per cent and silver futures (₹2,22,138/kg) rose 2.7 per cent. Below is an analysis.

Gold futures (Aug) rebounded on the back of the support at ₹1,40,000 last week. While the contract gained in the first half, some of the gains were given up in the latter half, particularly on Thursday.

As it stands, the contract is trading within two key levels i.e., the support at ₹1,40,000 and the resistance at ₹1,48,000. Only a breakout of this range can indicate the path of the next trend.

A breakout of ₹1,48,000 can trigger a rally to ₹1,57,000. Instead, if the support at ₹1,40,000 is breached, the downswing can extend to ₹1,34,000.

Trade strategy: Given the lack of clarity, we suggest traders stay out. Fresh trades can be initiated along the direction of the break of the ₹1,40,000-1,48,000 range. 

Silver futures (Sep) opened with a gap-up, rallied in the first half and saw a decline in the second. If not for the gap-up open last Monday, the contract could have given up all the gains for the week and ended flat.

The prevailing price action fails to give clarity on the direction of the next trend. In case silver futures break out of the resistance at ₹2,39,000, it can strengthen further to ₹2,59,000.

On the other hand, if silver futures breach the support at ₹2,14,000, it can witness a deeper fall, possibly to ₹2,00,000, a crucial base.  

Trade strategy: Traders can stay out because of the uncertainty with respect to the trend.

Published on July 25, 2026