Gold was down 0.3 per cent whereas silver was up 0.3 per cent final week as they closed at $2,327 and $30.4 per ounce respectively on Friday.

However within the home market futures of each metals gained. On the MCX, gold and silver futures was up 0.4 per cent and 1.1 per cent as they closed at ₹71,834 (per 10 gram) and ₹91,570 (per kg), respectively.

MCX-Gold (₹71,834)

Gold futures (August contract) stayed flat by final week because it was fluctuating in a slender vary. Whereas the broader uptrend continues to be legitimate, there’s a chance for a correction from right here earlier than the following leg of rally.

As the closest help is at ₹70,000, we anticipate gold futures to the touch this degree after which recognize to ₹74,500. A breakout of this will take the contract to ₹78,000.

That stated, if the value falls beneath ₹70,000, the near-term outlook can flip weak the place gold futures might decline to ₹67,000.

Commerce technique: Keep out now and purchase gold futures if the value dips to ₹70,100. Place stop-loss at ₹69,200. When the value strikes as much as ₹72,500, path the stop-loss to ₹70,200. E-book earnings at ₹74,500.

MCX-Silver (₹91,570)

Silver futures (July collection) witnessed appreciable intraweek volatility earlier than it settled with a 0.3 per cent weekly achieve.

The current candlesticks on the weekly chart trace at promoting strain above ₹93,000. So, there’s a cheap likelihood for a correction in value. Such a transfer can drag the contract to ₹86,000.

A possible restoration submit this down transfer can take silver futures to ₹93,000 after which to ₹95,000. But when the contract falls beneath ₹86,000, the decline can go as much as ₹83,000 and ₹80,000.

We forecast the contract to bounce off ₹86,000 and rally again to ₹93,000 and even to ₹95,000.

Commerce technique: Go lengthy in silver futures with stop-loss at ₹82,750 when the value falls to ₹86,000. When the contract recovers to ₹90,000, modify the stop-loss to ₹87,000. Exit at ₹93,000.

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