Bullion Cues: Supports fuel a rebound

Business and finance background. Rows of golden and silver bars | Photo Credit: Ravitaliy Precious metals rebounded last week after declining in recent weeks. Gold ($4,070.60/ounce) and silver ($51.70/ounce) gained 5 per cent and 5.8 per cent, respectively.

Gold bounced off a long-term support, keeping hopes of a bullish reversal alive. Silver too recovered. However, a potential appreciation of the dollar remains a risk.

In the domestic market, gold futures (₹1,42,167/10 gram) gained 2.7 per cent, while silver futures (₹1,84,787/kg) rose 3.2 per cent. The gains were relatively modest as the rupee strengthened 1.1 per cent against the dollar last week MCX-Gold (₹1,42,167) Gold (Dec) futures rallied from the support at ₹1,38,000, aided by a recovery in global prices from $3,850.

With international gold reclaiming $4,000, further gains appear likely, although hurdles remain. The nearest resistance for MCX gold futures is at ₹1,45,000, coinciding with the 50-day moving average. A breach of this level can strengthen bullish momentum, potentially lifting the contract to ₹1,50,000.

A breakout above ₹1,50,000 can turn the medium-term outlook positive. On the downside, supports are at ₹1,40,000 and ₹1,38,000. As long as the latter holds, the bias will remain positive.

A breach of ₹1,38,000, however, can drag the contract to ₹1,33,300. For now, the outlook remains positive. MCX-Silver (₹1,84,787) Silver (Dec) futures marked a lower low of ₹1,75,251 on Tuesday before recovering.

However, the contract appears relatively weaker than gold, although gains in the yellow metal could support silver. International silver has rebounded from the $46-48 support zone. With this region holding and gold showing recovery potential, the outlook for silver remains constructive.

MCX silver futures can rally to ₹1,93,750 initially. A breach of this level can lift the contract to ₹2,00,000. A breakout above ₹2,00,000 can strengthen the upswing, potentially taking the price to ₹2,10,000 in the near term.

Conversely, a fall below the support at ₹1,75,000 can trigger a deeper decline to ₹1,67,000. Published on November 7, 2026