MCX-Gold (₹1,47,255)
Gold futures (June) opened last Monday with a gap-down and fell to mark an intraday low of ₹1,32,020. But then, the contract recovered in the same session and extended the rise in following sessions too.
However, the rally lacks conviction, and the contract is now facing a barrier at ₹1,50,000. The 38.2 per cent Fibonacci retracement of the recent downtrend coincides at this level, making it a strong resistance.
We expect gold futures to see a decline, potentially to ₹1,32,000. A breach of this can drag it to ₹1,25,000. However, if the contract breaks out of ₹1,50,000, it can move up further to ₹1,58,000.
Trade strategy: Sell gold futures (June) at ₹1,47,300. Target and stop-loss can be ₹1,32,000 and ₹1,51,000 respectively.
MCX-Silver (₹2,27,954)
Silver futures (May) began last week with a bearish bias and dropped to a low of ₹1,99,643 on Monday. However, the price recovered after this initial decline and on Friday, the contract closed at ₹2,27,954.
That said, the recovery has not turned the outlook positive. There is a strong resistance at ₹2,36,000. Until this level holds, the near-term outlook will remain bearish.
We anticipate a fresh leg of downtrend from the current level, which can drag silver futures to ₹2,00,000 again. A breach of this can lead to a deeper fall, possibly to ₹1,85,000 – its 200-day moving average support.
Trade strategy: Sell silver futures (May) at ₹2,28,000. Target and stop-loss can be ₹1,90,000 and ₹2,43,000.
Published on March 28, 2026