Posting gains for the seventh week in a row, the precious metals rally appear unfazed. Last week, Gold ($3,887/ounce) was up 3.4 per cent and silver ($48/ounce) surged 4.2 per cent.

In the domestic market, gold futures (₹1,18,113/10 gm) and silver futures (₹1,45,744/kg) were up 2.75 per cent each.

MCX-Gold (₹1,18,113)

Gold futures marked a record high of ₹1,18,444 on Wednesday before moderating to ₹1,18,113. The chart indicates a strong uptrend and there are no signs of a bearish reversal or corrective decline yet.

Given the current momentum, gold futures can soon hit ₹1,20,000. A breakout of this can lift it to ₹1,22,500 in the short term.

But if there is a drop in price, the contract can find support at ₹1,15,000 and ₹1,12,700.

Overall, the uptrend is intact. However, traders shoul

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