Gold and silver markets ended the week on a strong note, with both international and domestic prices showing a clear improvement in technical momentum. COMEX and MCX Gold posted gains of more than 5%, while Silver also extended its recovery for the third consecutive week. Enrich Money sees the broader trend as bullish, although overbought RSI readings suggest the possibility of near-term consolidation. JM Financial also maintains a positive outlook, particularly on buying opportunities during corrective dips. Meanwhile, the US Dollar Index weakened below key support, while USD/INR retained a positive bias, keeping currency movements an important factor for domestic precious metals prices.
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Enrich Money Gold Silver Outlook
According to Enrich Money, Financial Services (SEBI RA No: INH000001196)
COMEX Gold: COMEX Gold closed the week sharply higher at 4,680.6 dollars per ounce, gaining 5.48% and decisively breaking out of its multi-month trading range. The metal also moved above its 20-week EMA, confirming strong buying momentum. However, the daily RSI at 73.83 has entered overbought territory, suggesting that some near-term consolidation cannot be ruled out.
On the upside, immediate resistance is placed at 4,700–4,730 dollars, followed by 4,800–4,840 dollars. On the downside, immediate support is at 4,570–4,600 dollars, followed by 4,470–4,500 dollars. A sustained break below 4,600 dollars could weaken the breakout structure. Overall, the broader trend remains bullish as long as the 4,570–4,600 dollar support zone holds.
MCX Gold: MCX Gold ended the week at 1,62,438 rupees per 10 grams, rising 5.13% and extending gains for the third consecutive week. The weekly RSI stands at 65.03, while the daily RSI at 76.10 indicates an overbought market. Therefore, traders should remain cautious about chasing prices after the sharp rally.
On the upside, immediate resistance is placed at 1,62,500–1,63,000 rupees. A sustained close above 1,63,000 rupees could open the way toward 1,65,000 rupees. On the downside, immediate support is at 1,58,500–1,59,000 rupees, followed by 1,55,500–1,56,000 rupees. A break below 1,58,500 rupees could trigger a deeper correction. The overall trend remains firmly bullish.
COMEX Silver: COMEX Silver closed the week at 69.530 dollars per ounce, gaining 6.79% and extending its recovery for a third consecutive week. The metal also reached a fresh multi-month high. The weekly RSI has improved to 52.75, while the daily RSI at 67.43 indicates strong short-term bullish momentum.
Immediate resistance is placed at 70.500–71.200 dollars, followed by 73.000–73.700 dollars. A sustained breakout above 73.700 dollars could create room for further gains. On the downside, immediate support is at 67.000–67.500 dollars, followed by 65.000–65.500 dollars. A break below 67.000 dollars could weaken the current uptrend. Overall, the structure remains bullish, with dips toward 67.000–67.500 dollars likely to attract buying interest.
MCX Silver: MCX Silver finished the week at 2,46,597 rupees per kilogram, gaining 4.52% and moving back above its 20-week EMA after several weeks of consolidation. The weekly RSI has improved to 54.65, while the daily RSI at 65.36 reflects strengthening short-term momentum.
On the upside, immediate resistance is placed at 2,50,000–2,52,000 rupees, followed by 2,60,000–2,62,000 rupees. A sustained close above 2,52,000 rupees could open the path toward higher levels. On the downside, immediate support is at 2,40,000–2,42,000 rupees, followed by 2,30,000–2,32,000 rupees. A break below 2,40,000 rupees could weaken the recovery. Overall, the technical bias has turned bullish following the breakout from the recent consolidation range.
USD/INR: USD/INR extended its gains during the week and settled near 95.68, after recovering from a low of 95.40. The pair continues to trade above its major EMAs, although resistance remains close to the long-term trendline.
Immediate resistance is placed at 95.75–95.80, followed by 95.90–96.00. A sustained move above 96 could strengthen dollar momentum and increase pressure on the rupee. On the downside, immediate support is at 95.60–95.50, while stronger support is near 95.40. The overall bias remains cautiously positive, supported by dollar demand, geopolitical uncertainty and elevated energy prices.
JM Financial Gold Silver Outlook
Gold: According to JM Financial (SEBI RA No: INH000001196), gold futures continued their positive momentum, with buying emerging on corrective dips. Prices also broke out of a triangle pattern and ended the week with gains of more than 5%. The 14-week RSI remains above 50 and its moving average, while the MACD is above the mid-zero line, supporting the positive technical structure.
On the downside, support is placed at 1,57,000–1,53,000 rupees, while resistance stands at 1,62,700 rupees. A sustained move above 1,62,700 rupees could extend the rally toward 1,69,500–1,75,000 rupees. The broader technical outlook remains positive.
Silver: Silver futures maintained their upward momentum, with buying support emerging during corrective dips. The metal gained around 4.3% during the week and closed higher for the third consecutive week. The 14-week RSI is near 50 but remains above its moving average, while the MACD continues to show signs of improvement.
JM Financial maintains a positive/buy view on silver, particularly on dips. Immediate support is placed at 2,35,000–2,27,000 rupees. As long as this support zone holds, silver could maintain its positive bias and move toward 2,54,000–2,80,000 rupees and higher.
US Dollar Index: The US Dollar Index broke down from a two-week consolidation range, slipping below the key 99.20 support level and closing the week around 0.8% lower. The technical setup suggests that the index could remain under selling pressure.
On the downside, support levels are placed at 97.50 and 95.30. On the upside, immediate resistance is seen at 99.61–100. A sustained recovery above resistance would be required to improve the dollar’s technical outlook.
USD/INR: USD/INR spot rates remained firm for most of the week but largely moved within a range before ending higher. JM Financial expects the overall momentum to remain positive.
Immediate support is placed at 94.80–94.15, while resistance is seen at 96.70–97.00. A sustained move above the resistance zone could strengthen the bullish momentum in USD/INR, while a break below support could weaken the current positive structure.
FAQs
1. What is the gold outlook according to Enrich Money?
Enrich Money maintains a bullish outlook for gold as both COMEX and MCX prices have broken above important technical levels. However, overbought RSI readings suggest traders should remain cautious about chasing the rally and watch key support zones during any corrective move.
2. What are the key resistance levels for COMEX Gold?
COMEX Gold has immediate resistance at 4,700–4,730 dollars per ounce, followed by 4,800–4,840 dollars. A sustained breakout above these levels could strengthen the upward momentum. On the downside, 4,570–4,600 dollars remains an important support zone.
3. What is JM Financial’s view on silver?
JM Financial maintains a positive or buy view on silver, particularly on corrective dips. The brokerage expects the positive bias to remain intact as long as the 2,35,000–2,27,000 rupees support zone holds, with potential upside toward 2,54,000–2,80,000 rupees and higher.
4. What are the important support levels for MCX Gold?
MCX Gold has immediate support at 1,58,500–1,59,000 rupees per 10 grams, followed by 1,55,500–1,56,000 rupees. A break below the first support zone could increase the risk of a deeper correction, despite the broader bullish technical structure.
5. How could the US Dollar affect gold and silver prices?
Currency movements remain an important factor for precious metals. The US Dollar Index weakened below the 99.20 support level, while USD/INR retained a positive bias. Changes in the dollar can influence international gold and silver prices, while movements in USD/INR can affect precious-metal prices in the Indian market.
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