Bullion Market Rally Continues Unabated
The bullion market continues to experience an impressive rally, showcasing the strength of precious metals. Over the past week, silver and gold have achieved remarkable price increases, with silver leading the charge.
Bullion Market Rally Continues Unabated
Silver’s price surged significantly. It rose nearly 15 percent, reaching $103.4 per ounce. Meanwhile, gold also performed well, recording a rally of approximately 9 percent and priced at $4,988 per ounce.
Domestic Market Trends
In the Indian markets, the trends mirror global gains. Gold futures are currently priced at ₹1,56,037 per 10 grams, while silver futures are at ₹3,34,699 per kilogram. The recent statistics show:
- Gold futures increased by 9.5 percent.
- Silver futures rose by 16.3 percent.
Recent Highs and Predictions
Gold futures for February managed to break the ₹1,50,000 mark and reached a new high of ₹1,59,226 as of last Friday. The current trading strategy suggests a bullish outlook, with expectations that prices may rise to ₹1,70,000.
However, a decline below this level could find support at ₹1,50,000 and ₹1,44,000. Traders are advised to adopt the following strategy:
- Go long at ₹1,56,000 and accumulate more at ₹1,51,000.
- Set an initial stop-loss at ₹1,47,500.
- If the price rises to ₹1,62,000, increase stop-loss to ₹1,59,000.
- Take profits at ₹1,65,000.
Silver Market Insights
Silver futures have also achieved a remarkable milestone, surpassing ₹3,00,000 early last week. By Friday, silver hit a record high of ₹3,39,927. The current momentum suggests that silver could soon reach ₹3,60,000.
Should prices decline, the contract might find support at ₹3,18,800, with further support at ₹3,05,000. The recommended trading strategy for silver is as follows:
- Go long at ₹3,34,699 and on a dip to ₹3,15,000.
- Set a stop-loss at ₹3,05,000.
- Adjust stop-loss to ₹3,38,000 when the contract rises to ₹3,50,000.
- Book profits at ₹3,60,000.
It is essential for traders to note that both gold and silver futures involve increased risks. The current bullish sentiment suggests that the market rally shows no signs of declining anytime soon.
