In recent news, both gold and silver prices have seen an uptick, with gold trading at $2,639 per ounce and silver at $29.6 per ounce. In the domestic market, gold futures were up 1% at ₹77,317 per 10 grams, while silver futures gained 0.4% at ₹89,221 per kilogram.
Looking at the technical analysis, gold futures for February have closed above both the 20 and 50-day moving averages, indicating a gradual uptrend. The chart also shows a triangle pattern forming, suggesting a small upside bias. Key resistance levels for gold futures are at ₹78,500 and ₹80,000, while support levels can be seen at ₹76,400 and ₹75,000.
On the other hand, silver futures for March are relatively weaker compared to gold, trading below the 20 and 50-day moving averages. The price has been moving between ₹86,800 and ₹90,200, with the next trend direction dependent on a breakout of this price band. A rally above ₹90,200 could push silver futures to ₹94,000 or even ₹96,500, turning the trend bullish. Conversely, a breach of ₹86,800 could lead to a drop to ₹83,500.
Given the uncertainty in the trend for silver futures, it is advisable to stay out for now and wait for more clarity. Traders with high-risk appetite in gold futures can consider buying if the price dips to ₹76,800, with a target of ₹80,000 and a stop-loss at ₹75,000.
Overall, the bullion market is showing a bullish bias for gold, while silver is more uncertain and needs further confirmation before trading. It’s essential to monitor price movements closely and wait for clear signals before making any trading decisions.