Gold remained stable in a narrow range all through last week. The yellow metal oscillated between $3,998 and $4,133 per ounce. It closed the week at $4,065 per ounce.
Silver on the other hand failed to sustain the rise witnessed in the first half of the week. The price rose to a high of $52.45 per ounce and then fell sharply, giving away all the gains. Silver fell to a low of $48.65 and managed to bounce back from there to close the week at $50 per ounce.
On the domestic front, the Gold and Silver Futures contracts traded on the Multi Commodity Exchange (MCX) managed to bounce back from their lows last week. The sharp fall in the Indian rupee against the dollar on Friday aided the contracts to recoup the loss made during the week. The MCX Gold closed the week at ₹1,24,191 per 10 gm and MCX Silver ended at ₹1,54,151 per kg.
Heere is our analysis on where the gold and silver prices are headed:
Gold ($4,065)
The near-term outlook is unclear. Resistance is around $4,200 and support is $3,950. So, $3,950-$4,200 is the possible range within which gold can move in the short term. The price can go either way within this range from current levels.
Ideally, a breakout on either side of $3,950-$4,200 will then determine the next leg of move. A break above $4,200 will be bullish to see a rise to $4,350-4,400 again. On the other hand, if gold breaks below $3,950, it will be bearish. Such a break can drag the yellow metal down to $3,800-$3,700 in the coming weeks.
MCX Gold (₹1,24,191)
Resistance is at ₹1,26,920. The MCX Gold contract has to surpass this hurdle to go up towards ₹1,29,700-1,30,000 in the short term.
Failure to breach ₹1,26,920 can drag the contract down to ₹1,20,000-1,19,000. The region around ₹1,19,000 is a crucial support. A break below it will be bearish for a fall to ₹1,16,000-1,15,500 going forward.
Trade Strategy
Traders can stay out of the market.
Silver ($50)
The downward reversal from a high of $52.45 last week keeps the bias negative. Support is around $48.50. But silver looks vulnerable to break below it. Such a break can drag silver down to $47.50 initially and then to $45.50 eventually thereby forming a double-top reversal pattern.
A break below $45.50 will confirm this pattern and drag the price down to $42-41 initially and then to $36 eventually in the coming months.
MCX Silver (₹1,54,151)
The support at ₹1,50,000 is holding well for now. The contract has to break this support to come under more selling pressure. If that happens, a fall to ₹1,45,000 or ₹1,43,500 is possible thereafter.
As long as the contract stays above ₹1,50,000, the bias can remain positive to break the resistance at ₹1,57,000. Such a break can take the MCX Silver Futures contract up to ₹1,64,000 in the coming weeks.
Since the global silver price is looking weak and vulnerable to a fall, rupee has to weaken sharply to take the MCX Silver higher. Or else, chances are high for the MCX Silver contract to break the support at ₹1,50,00 and fall.
Trade Strategy
Go short on a break below ₹1,50,000. Keep the stop-loss at ₹1,51,700. Trail the stop-loss down to ₹1,49,200 as soon as the contract falls to ₹1,48,600. Revise the stop-loss down to ₹1,48,400 and ₹1,47,500 when the contract comes down to ₹1,47,800 and ₹1,46,800. Exit the shorts at ₹1,46,200.
Published on November 22, 2025