Precious metals snapped a three-week rally as the prices declined last week. Gold ($4,455/ounce) and silver ($66.40/ounce) were down 3.2 per cent and 3.8 per cent respectively. Similarly, in the domestic market, gold futures (₹1,56,281/10 gm) lost 3.8 per cent and silver futures (₹2,42,444/kg) was down 4.4 per cent.MCX-Gold (₹1,56,281)Gold futures (Oct) opened last week on the front foot as it rallied on Monday and marked a three-month high of ₹1,64,773. However, it could not add further gains to it and the contract reversed the direction.However, the uptrend, which has been in place since early August, has not been invalidated. There are key support levels ahead at ₹1,55,000 and ₹1,53,000. The 21-day moving average lies within this price band, making it a notable support.We expect gold futures to rebound on the back of this support. Once the rally begins, it can rise to ₹1,67,000. However, if the support at ₹1,53,000 is breached, the downswing can extend to ₹1,50,000. Trade strategy: Buy gold futures (Oct) at ₹1,55,000. Place stop-loss at ₹1,50,000. Book profits at ₹1,67,000.MCX-Silver (₹2,42,444)Silver futures (Dec) witnessed a decline through last week. The fall occurred on the back of the resistance at ₹2,55,000. Although the contract has slipped below a support at ₹2,44,000, it remains above an important base at ₹2,40,000, where the 21-day moving average coincides. Subsequent support is at ₹2,34,000. So long as this level holds, the bulls will have an edge over the bears.A potential rally, either from the current level of ₹2,42,444 or after a decline to ₹2,40,000 can lift silver futures to ₹2,60,000. Instead if the contract breaches the support at ₹2,40,000 and ₹2,34,000, it can see a deeper decline to ₹2,25,000.Trade strategy: Buy silver futures at ₹2,40,000. Target and stop-loss can be ₹2,60,000 and ₹2,33,000 respectively. Published on August 29, 2026