Business and finance background. Rows of golden and silver bars
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Ravitaliy
Breaking the downtrend of several months, precious metals recovered sharply in August. The expectations around interest rate hike by the U.S. Federal Reserve played a key role in influencing the prices. The weakening of the U.S. Dollar too helped precious metals stage a recovery in August.
Comex gold gained 9.73 % in August to settle at $4,497.3/ounce by month end. Comex silver posted an even better performance gaining 16.32% to settle at $67.2/ounce.
Gain in local markets
Mirroring global market trend, the precious metal prices settled higher in the local markets too. The gains were, however curtailed by Indian Rupee strengthening against the U.S. Dollar.
MCX Gold gained 7.75% to settle at ₹1,54,456/10 gm. MCX Silver, too, closed on strong note at ₹2,40,250/kg, a 8.46% gain last month.
Comex gold price managed to breakout above the resistance level of $4,410 mentioned last month. In line with last month’s observation, the price later moved to the target zone of $4,650-$4,700. The short-term outlook for gold has turned positive and the price could head to the next target at $4,750-$4,800.
The positive outlook for Comex gold would be under threat only if the price falls below the support at the $4,200-$4,220 zone. Until this zone is breached, expect the gold price to head to the target mentioned above.
Similar to gold, Comex silver price, too, staged a breakout above the resistance level of $66. The short-term outlook as a result has turned positive. The price could now head to the immediate target zone of $72-$74. The positive outlook would be valid as long as the price stays above the support level at $62.5.
MCX gold price, too, crossed above resistance level at ₹1,49,000 and later scaled a high of ₹1,64,773 on August 24 before receding a bit in the past few days. The short-term outlook has turned positive and the price could head to ₹1,66,000-₹1,68,000 zone. The positive outlook would invalidate if the price drops below ₹1,48,000.
Similar to gold, the trend in MCX silver price has turned positive after the price moved past the resistance level of ₹2,45,000. As long as the price stays above ₹2,25,000, the price could move to next target zone of ₹2,56,000-₹2,59,000.
To summarise, the short-term trend in both gold and silver have turned positive post the breakout of key resistance level. The trend would remain positive until the support level mentioned above is breached.
(The author is a Chennai-based analyst/trader. Views, opinions in this column are based on an analysis of short-term price movement in gold and silver futures at COMEX & Multi Commodity Exchange of India. This is not a trading or investment advice.)
Published on September 6, 2026