Gold experienced a minor correction, but silver shot up last week. In terms of dollars, the former softened 1 per cent and the latter gained 3.7 per cent to close at $2,155.6 and $25.2 per ounce, respectively.

On the Multi Commodity Exchange, gold futures lost 0.7 per cent to end at ₹65,542 (per 10 gram), whereas silver futures was up 1.9 per cent to close at ₹75,650 (per kg).

MCX-Gold (₹65,542)

Gold futures (April contract), after seeing a dip in the early part of last week, was then moving in a narrow range. Yet, the overall bull trend remains intact.

The contract is expected to resume the uptrend either from the current level or after seeing a decline to ₹64,800. Gold futures can rally to ₹68,000 and then to ₹70,000 in the short term.

In case the price falls below ₹64,800, it can find support between ₹63,800 and ₹64,000. Until the support at ₹63,800 remains valid, the inclination will be bullish.

Trade strategy: Last week, we suggested buying gold futures at ₹66,000. Hold this position. Accumulate at ₹64,800. Retain the stop-loss at ₹63,900.

When the contract goes past ₹67,000, raise the stop-loss to ₹65,800. Liquidate the longs at ₹68,000.

MCX-Silver (₹75,650)

Silver futures’ (May series) gain happened in the second half of last week. It closed above the 200-day moving average at ₹74,800, a bullish sign.

We expect the upswing to extend to ₹77,000, a resistance. Subsequent resistance is between ₹79,000 and ₹80,000.

So long as the silver futures trade above ₹74,000, the trend will be bullish. Support below ₹74,000 is at ₹73,000, around which both the 20- and 50-day moving averages coincide.

Trade strategy: We recommended going long on silver futures at ₹72,280 a couple of weeks ago. Hold this trade. But move the stop-loss up from ₹72,700 to ₹73,500.

When the contract goes above ₹76,000, tighten the stop-loss to ₹74,500. Book profits at ₹76,700.