Mumbai: Gold and silver prices remain in focus as experts on Sunday believe the broader bullish outlook for precious metals is still intact despite recent profit booking.
While gold continues to hold firm near key resistance levels, silver has cooled slightly after hitting record highs, with market watchers expecting fresh direction from global cues, interest rate trends and safe-haven demand in the coming sessions.
Experts say gold prices are currently consolidating just below a crucial resistance zone, suggesting that the overall trend remains positive.
They note that gold continues to trade in an upward channel, with every dip attracting buyers.
According to them, support for gold is seen around the Rs 1,32,000 to Rs 1,31,000 range.
If prices manage to break above the Rs 1,35,000 mark, gold could move higher toward the Rs 1,37,000 to Rs 1,40,000 levels in the coming sessions, helped by a weak rupee and steady safe-haven demand.
Silver, on the other hand, has witnessed a sharp correction after touching record highs above Rs 2,00,000 per kg earlier.
Experts believe the recent fall reflects profit booking and some cooling of near-term momentum.
However, they point out that the broader bullish trend in silver remains intact as long as prices stay above key support zones.
According to market watchers, strong technical support for silver lies in the Rs 1,80,000 to Rs 1,81,000 range, with deeper support placed lower if selling pressure increases.
In the near term, resistance is seen between Rs 1,95,000 and Rs 2,00,000 per kg. A decisive move above this zone could once again push silver toward fresh highs, while a fall below Rs 1,90,000 may lead to further unwinding.
Experts also highlight that silver’s long-term outlook remains positive due to strong industrial demand, especially from sectors such as solar energy, electric vehicles and advanced manufacturing, along with tight global supply conditions.
They suggest that any correction in prices could offer buying opportunities for long-term investors.
In the previous trading session, silver surged to an all-time high of nearly Rs 1,98,814 per kg and ended the day more than 5 per cent higher, while gold February contracts closed around Rs 1,32,469 per 10 grams, gaining about 2 per cent.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
