Gold continued the uptrend and hit fresh highs. Although silver gained, it lagged the yellow metal. In terms of dollars, gold and silver were up 3.2 per cent and 1.2 per cent last week and closed at $2,232.4 and $25 per ounce, respectively.

On the Multi Commodity Exchange, gold futures gained 2 per cent to end at ₹67,701 (per 10 gram), whereas silver was up by a marginal 0.3 per cent to close at ₹75,048 (per kg).

MCX-Gold (₹67,701)

Gold futures (June contract) hit a record high of ₹67,859 before moderating to ₹67,701 on Friday. The uptrend is steady, and we expect the contract to gain further.

It has the potential to hit ₹70,000 in the near term. But if the price falls, gold futures will find support at ₹66,200 and ₹65,600. There will be a break in the overall up-move only if the contract falls below ₹65,600.

Trade strategy: Roll over the April futures long (initiated at ₹66,000) to June contract, which closed at ₹67,701 last week. Add longs if the price dips to ₹66,400. Place stop-loss at ₹65,600.

When the contract rises above ₹69,000, tighten the stop-loss to ₹67,800. Book profits at ₹70,000.

MCX-Silver (₹75,048)

Silver futures (May series) was largely flat last week. But we expect it to gain traction anytime and rally. The bias will be bullish until the price stays above ₹73,700.

A breakout of ₹76,000, a resistance, can trigger a leg of upswing to the resistance band of ₹79,000-80,000.

On the other hand, if the silver contract slips below ₹73,700, the near-term trend can turn bearish, potentially dragging the contract to ₹70,600.

Trade strategy: Stay away for now. Buy silver futures if it breaks out of ₹76,000. Place initial stop-loss at ₹74,400. When the contract touches ₹78,000, tighten the stop-loss to ₹76,500. Book profits ₹79,000.