Gold and silver prices edged higher last week amid technical hurdles at key resistance levels, while macro demand and structural supply deficits support long-term optimism, according to market analysts.
Precious metals edged higher last week, but the pace of gains slowed as gold and silver ran into resistance at key technical levels, according to The Hindu BusinessLine. Gold finished at $4,376.80 an ounce, up 0.8%, while silver rose 1.8% to $64.70 an ounce. In domestic trade, gold futures climbed 1.8% to ₹1,54,506 per 10 grams and silver futures added 1.9% to ₹2,35,924 a kilogram.
On the Multi Commodity Exchange, October gold briefly pushed to ₹1,55,835 last Wednesday, but it failed to clear the ₹1,55,000 area decisively. The paper said the 200-day moving average, now near ₹1,55,720, makes the ₹1,55,000-₹1,55,720 band a major hurdle for bulls. If that ceiling holds, the contract could slip towards ₹1,49,000 or even ₹1,47,000, though a firm breakout above ₹1,55,720 could open the way to ₹1,60,000.
Silver has shown a similar pattern. The September contract reached ₹2,41,999 in the first half of the week before easing back to ₹2,35,924. The chart suggests strong resistance between ₹2,40,000 and ₹2,42,000, with a possible decline towards ₹2,27,000 or ₹2,25,000 if buyers fail to force a breakout. A move above ₹2,42,000, however, could extend the rally towards ₹2,58,500.
The technical caution comes even as longer-term bullish arguments remain in place. WisdomTree has said silver’s sharp move in 2025 restored the gold-to-silver ratio close to its long-run average and that supply deficits, together with macro demand for hard assets, could keep prices supported. Deutsche Bank has also pointed to silver’s tendency to swing sharply with risk sentiment, noting that the metal surged in 2025 before correcting early this year when markets turned more defensive. That mix of structural support and near-term fragility helps explain why the latest rally may still be vulnerable to a pause.
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