Gold ($4,378.40/ounce) and silver ($66.30/ounce) were up 0.7 and 2.7 per cent, respectively. In the domestic market, gold futures (₹1,54,381/10 gm) rose 1 per cent whereas silver futures (₹2,41,603/kg) was up 2.8 per cent.

Gold (Oct) futures opened last week flat and remained so during the first couple of sessions. In the following days, it gained momentum and rallied. This reinforced the strength of the support at ₹1,50,000.

While there is a minor hurdle ahead at ₹1,55,000, we expect gold futures to surpass it. In the near-term, the contract can rally to ₹1,67,000. 

However, if the bears gain strength and drag gold futures below the base at ₹1,50,000, the outlook can turn bearish. A breach of ₹1,50,000 can lead to a fall to ₹1,44,000. Support below ₹1,44,000 is at ₹1,40,000.

Nevertheless, as it stands, a breach of ₹1,50,000 is unlikely. 

Trade strategy: Retain the longs that we suggested on gold (Oct) futures at ₹1,52,700 with a stop-loss at ₹1,49,000. When the contract goes up to ₹1,60,000, revise the stop-loss to ₹1,55,000. Book profits at ₹1,67,000.

Silver (Dec) futures, after opening flat last week, picked up strength and rallied on the back of the support at ₹2,30,000. The price action shows entry of buyers between ₹2,30,000 and ₹2,31,500. 

The contract is expected to surpass the resistance at ₹2,45,000 and extend the upswing to ₹2,60,000. However, in case silver futures decline and slip below the support at ₹2,30,000, it can witness a deeper fall, probably to ₹2,18,500. 

Trade strategy: We suggested buying silver (Dec) futures at ₹2,37,500. Hold on to this trade and maintain the stop-loss at ₹2,29,000. When the contract rises to ₹2,50,000, raise the stop-loss to ₹2,42,000. Book profits at ₹2,60,000.

Published on September 19, 2026