Gold and silver futures contracts see a rise in popularity and activity

In the world of commodity trading, the Metal and Commodity Exchange (MCX) has been buzzing with activity, particularly in the gold and silver futures markets. Here's a roundup of the current trends and recommended strategies for traders.

Last week, gold futures (October) broke through the resistance at ₹1,02,600, indicating a potential rise in the coming days. Given the current momentum, it is expected that gold futures will reach ₹1,05,500. However, a potential hurdle ahead at ₹1,05,000 might slow down the upward trajectory. If there is a decline from the current level, gold futures can find support at ₹1,02,600 and ₹1,02,000.

The recommended trade strategy for gold futures (October) is to go long at ₹1,03,800 and ₹1,02,100, with a stop-loss at ₹1,01,500. It's also important to note that when the contract for gold futures (October) touches ₹1,05,000, the stop-loss should be altered to ₹1,04,000, and the position should be exited at ₹1,05,500.

Meanwhile, silver futures (December) have shown a bullish indication after breaking out of the resistance at ₹1,18,000 last week. The broader uptrend for silver futures is intact, and participants can consider buying silver futures if the price dips to ₹1,20,000 and ₹1,19,000. A potential resistance for silver futures is at ₹1,26,000. Subsequent support for silver futures is at ₹1,22,000, and if the contract for silver futures (December) rises to ₹1,24,000, the stop-loss should be altered to ₹1,22,000.

It's also worth noting that silver in dollar terms is facing a resistance, and silver futures might see a dip to the ₹1,18,000-1,19,000 price band. Silver futures (December) might also experience a price correction due to the good chance for a correction in the broader market.

Lastly, it's crucial to remember that domestic silver prices can be influenced by global price movements. The current price of gold futures (October) on the MCX is ₹1,03,824, and the price of silver futures (December) remains to be seen.

Please note that this article provides information on current trends and recommended strategies in the gold and silver futures markets. It is always advisable for traders to conduct their own research and consult financial advisors before making any investment decisions. Additionally, there is no publicly available information about the identity of the current trader who traded gold and silver futures on the MCX before the article was published.