Gold ($4,215/ounce) was up 3.7 per cent whereas silver ($56.40/ounce) surged 12.7 per cent. In the domestic market, gold futures (₹1,29,504/10 gm) and silver futures (₹1,74,981/kg) rose 2.9 per cent and 10.8 per cent respectively.
MCX-Gold (₹1,29,504)
For nearly three weeks, gold futures (February) has been in an uptrend. The prevailing price action indicates that the bulls hold an upper hand, and the likelihood of further rise is high.
The contract can retest the resistance at ₹1,34,000 in the near term. A breakout of this can lift it to ₹1,35,000.
But if gold futures falls from the current level, it can find support at ₹1,26,000 and ₹1,23,300. Note that the trend will remain positive until ₹1,20,000 holds.
Trade strategy: Buy gold futures (February) at ₹1,29,500 and ₹1,26,000. Place stop-loss at ₹1,23,300. When the contract rises to ₹1,32,000, revise the stop-loss to ₹1,30,500. Book profits at ₹1,34,000.
MCX-Silver (₹1,74,981)
Silver futures (March) bounced off the 21-day moving average at ₹1,55,000. Last week, it saw a strong rally and broke out of the prior high of ₹1,72,350. The contract marked a fresh high of ₹1,75,484 on Friday before softening a little to ₹1,74,981.
As it stands, the uptrend is intact and the chances for the extension of the uptick are high. The nearest potential resistance levels are at ₹1,85,000 and ₹1,92,500 as per Fibonacci extension.
In case silver futures declines, it can find support at ₹1,65,000. Subsequent support is at ₹1,56,500. Until this level holds, the contract will retain a bullish inclination.
Trade strategy: Go long on silver futures (March) at ₹1,74,900 and ₹1,69,000. Keep a stop-loss at ₹1,65,000. When the contract rises to ₹1,85,000, tighten the stop-loss to ₹1,75,000. Book profits at ₹1,92,500.
Published on November 29, 2025
