Gold ($4,540/ounce) was up 0.7 per cent last week, whereas silver ($75.3/ounce) slipped 0.3 per cent. In the domestic market, gold futures (Aug) (₹1,60,911/10 gm) dropped 0.3 per cent and silver futures (Jul) (₹2,66,998/kg) lost 1.8 per cent.MCX-Gold (₹1,60,911)Gold futures (Aug), ever since hitting a high of ₹1,68,101 on May 13, has been gradually declining. But towards the end of last week, it saw a recovery on the back of the 21-day moving average at ₹1,59,700. Also, there is another support at ₹1,57,500.On the back of this, gold futures is likely to recover, possibly to ₹1,66,000 in the near term. That said, if the support at ₹1,57,500 is breached, the contract can extend the decline to ₹1,52,000. Trade strategy: Traders can buy gold futures (Aug) at ₹1,59,500. Place stop-loss at ₹1,54,800. Revise this up to ₹1,61,000 when the contract touches ₹1,63,000. Book profits at ₹1,66,000.MCX-Silver (₹2,66,998)Silver futures (Jul) has largely been oscillating between ₹2,65,000 and ₹2,78,000 over the past couple of weeks, barring a brief drop to ₹2,61,000 on May 28.Notable support levels are at ₹2,61,000 and ₹2,54,600. At ₹2,54,600, the 50-day moving average and a trendline coincides, making it a good base. So, we can expect silver futures to recover, either from the current level or after declining to ₹2,54,600. Once the rally begins, the contract can go up to ₹2,85,000.However, a breach of ₹2,54,600 can turn the outlook bearish, which can trigger a fall to ₹2,38,000.Trade strategy: Buy silver futures if the price dips to ₹2,61,000. Keep initial stop-loss at ₹2,52,000. When the contract rises to ₹2,78,000, trail the stop-loss to ₹2,69,000. Book profits at ₹2,85,000.Published on May 30, 2026