MCX Gold likely to consolidate; Silver futures trade with a negative bias

The MCX Silver July futures are currently trading below all its key moving averages; similarly, MCX Gold futures need to break above Rs 51,870 for further up move to emerge.

Gold

Bias: Consolidation likely to continue

Last close: Rs 51,344

Resistance: Rs 51,870

Support: Rs 50,000

The MCX Gold futures are likely to consolidate in the near term as prices retreat from lower end of the support range, and key momentum oscillators indicating lack of strength in the current trend.

According to the daily charts, MCX Gold June futures are likely to face resistance around Rs 51,870-odd level, where the key short-term (20-DMA and 50-DMA) moving averages converge. Further, the MACD (Moving Average Convergence and Divergence) is looking to recover from a negative bias, while the ADX indices lack of strength in the current trend. 

As per the daily, charts, MCX Gold futures need to sustain consistently above Rs 51,950-odd level for a fresh uptrend to emerge. On the flip side, inability to sustain above the same level can trigger a fall towards Rs 50,000-mark.

According to weekly Fibonacci chart, MCX Gold June futures may seek support around Rs 51,100 - 50,935 - 50,680; whereas on the upside, the Gold prices can face resistance around Rs 51,580 - 51,870 - 52,000.

While the daily Fibonacci chart, indicates a trading band of Rs 50,955 to Rs 51,730 for the Gold futures on Monday, with support expected around Rs 51,100 and Rs 51,030; and may face resistance around Rs 51,480 and Rs 51,650. 

Similarly, Gold Mini June futures are likely to move in a broad range of Rs 50,330 to Rs 52,460 this week. Gold prices may look to seek support around Rs 51,015 - 50,735 -50,530, while may face resistance around Rs 51,775 - 52,055 - 52,260.

On Monday, MCX Gold Mini June futures may look for support around Rs 51,170 - 51,100 - 50,040; whereas the commodity may face resistance around Rs 51,520 - 51,620 - 51,750.

Silver

Bias: Negative

Last Close: Rs 62,520

Resistance: Rs 64,750

The MCX Silver July futures seems to be attempting a pull-back after having tested support around the lower-end of the Bollinger Band on the daily charts. Select momentum oscillators are on the verge of turning positive, thus raising some hopes of further gains.

As per the daily charts, the bias for MCX Silver futures is negative as the commodity is currently trading below its key moving averages. On the upside, Silver prices have near resistance around Rs 63,970 and Rs 64,750 - its 200-DMA (Daily Moving Average) and 100--DMA, respectively. 

Among the key momentum oscillators, the MACD is seen converging, and the Slow Stochastic indicator too is seen turning upwards. 

As per the weekly Fibonacci chart, the MCX Silver July futures are likely to move in a broad range of Rs 61,300 to Rs 63,740; with support expected around Rs 62,090 - 61,770 - 61,535. On the upside, Silver futures can face resistance around Rs 62,950 - 63,270 - 63,500.

The daily Fibonacci charts, indicates key support levels for Silver futures on Monday at Rs 62,350 - 62,120 - 62,030; whereas resistance can be expected around Rs 62,700 - 62,825 - 63,000.

Silimarly, MCX Silver Mini June futures may seek support around Rs 62,410 - 62,050 - 61,530; while may face resistance around Rs 63,390 - 63,750 - 64,270 this week.

Further, the MCX Silver Micro June futures could seek support around Rs 62,450 - 62,100 -61,600 and might face resistance around Rs 63,730 - 63,990 - 64,240 this week.