Gold futures likely to re-test Rs 55,550; Silver on course to Rs 71,350

The bias for the remainder of December is likely to remain bullish as long as Gold futures trade above Rs 53,850. Meanwhile, near support for Silver is seen at Rs 67,500 - Rs 67,350 levels.

The MCX Gold and Silver futures continue to exhibit a bullish bias on multiple time-frame charts. Gold futures are likely to re-test the March highs of Rs 55,550-odd level, while Silver futures seem on course to surpass the Rs 71,000-mark.

Gold

Bias: Positive

Last Close: Rs 54,295

Target: Rs 55,550

Support: Rs 53,850

Resistance: Rs 54,450

The MCX Gold futures have witnessed a smart rally in the last five-odd weeks, having gained as much as 8 per cent during the period. Following which, the Gold December futures are now seen trading near the higher-end of the Bollinger Bands, both, on the daily and the weekly chart, placed at Rs 54,300 and Rs 54,400, respectively.

The picture gets better on the monthly chart, with MCX Gold futures seen firmly placed above the higher-end of the monthly Bollinger Bands, which stand at Rs 53,850. Thus, the bias for the remainder of the month is likely to remain bullish as long as Gold prices sustain above Rs 53,850.

That apart, key momentum oscillators on the monthly chart are also very supportive, even as select indicators were seen reaching overbought territory on the daily and the weekly chart. As per the monthly chart, Gold futures could re-test the March 2022 highs of Rs 55,550-odd level on the upside.

As per the monthly Fibonacci chart, Gold futures are seen testing the monthly R3 (Resistance) at Rs 54,450-odd level, above which the next two targets shall be Rs 54,975 and Rs 55,680.

According to the weekly Fibonacci chart, this week Gold futures may gyrate in a range of Rs 53,565 to Rs 55,025, with the commodity likely to seek support around Rs 54,035 - Rs 53,845 - Rs 53,700, and may face resistance around Rs 54,555 - Rs 54,745 - Rs 54,885.

On Monday, the MCX Gold December futures are likely to seek support around Rs 54,150 - Rs 54,110 - Rs 54,065, while on the upside the contract may counter resistance around Rs 54,435 - Rs 54,480 - Rs 54,525.

Similarly, the MCX Gold Mini November futures could seek support around Rs 53,800 - Rs 53,760 - Rs 53,715, and on the upside the contract is likely to face resistance around Rs 54,095 - Rs 54,140 - Rs 54,185 today.

Silver

Bias: Positive

Last Close: Rs 68,038

Target: Rs 71,350; Rs 71,650

Support: Rs 67,500; Rs 67,370

The MCX Silver futures have witnessed a sharp rally of more than 11 per cent in the last eight trading sessions. In doing so, the commodity has also managed to close above the higher-end of the Bollinger Bands on the daily chart for the last seven straight trading sessions.

The daily chart, now indicates that the short-term bias is likely to remain bullish as long as Silver prices sustain above Rs 67,500-level. Similarly, support on the weekly chart is seen at Rs 67,370.

On the monthly chart, the Silver futures are seen holding above the 20-MMA (Monthly Moving Average) for the first time since April 2022. The 20-MMA is currently placed at Rs 62,570. On the upside, the commodity could rally to Rs 71,350 to Rs 71,650 levels.

According to the weekly Fibonacci chart, this week the MCX Silver March futures may move in a broad range of Rs 66,150 to Rs 69,915. The white metal could seek support around Rs 67,370 - Rs 66,875 - Rs 66,515, while may face resistance can be expected around Rs 68,700 - Rs 69,200 - Rs 69,560.

On Monday, Silver March futures are likely to seek support around Rs 67,510 - Rs 67,350 - Rs 67,185, while on the upside the Silver prices may face resistance around Rs 68,565 - Rs 68,725 - Rs 68,890.

Similarly, MCX Silver Mini futures could seek support around Rs 67,495 - Rs 67,340 - Rs 67,190; whereas the Mini contract may counter resistance around 68,490 - Rs 68,640 - Rs 68,800 on Monday.

Further, the MCX Silver Micro futures are likely to seek support around Rs 67,500 - Rs 67,345- Rs 67,200; whereas the contract could face resistance around Rs 68,470 - Rs 68,620 - Rs 68,770 today.