MCX Gold, Silver futures may stay rangebound; check key levels here

The MCX Gold futures may seek support around Rs 50,075 this week, whereas Silver futures if sustain above Rs 58,150, can potentially rally towards Rs 60,870-level.

The MCX Gold and Silver futures are likely to remain rangebound in the near term, with a slight downward bias seen on Gold charts, as against an upward bias on the Silver chart. 

Gold

Bias: Rangebound

Last Close: Rs 50,322

Support: Rs 50,075; Rs 49,875

Resistance: Rs 50,500; Rs 50,770

The MCX Gold futures are likely to remain rangebound in the near term, before a decisive trend emerges. The weekly chart indicates a broader trading range of Rs 49,200 to Rs 52550, while the daily chart indicates a Rs 49,725 to Rs 51,870 trading band.

Both, on the daily and the weekly charts, among the key momentum oscillators, the MACD (Moving Average Convergence-Divergence) is negative. Thus, indicating a possibility of some downside bias in the near term.

The price-to-moving averages action on the daily scale is also in favour of the bears, as Gold prices are currently seen trading below all key moving averages. The commodity seems to be testing resistance around the 50-DMA (Daily Moving Average) placed at Rs 50,417, above which the Gold has multiple layers of resistance in the form of 20-, 100-, 200-DMAs at Rs 50,760, Rs 50,770 and Rs 50,818 levels.

As per the weekly Fibonacci chart, MCX Gold December futures are likely to trade in a range of Rs 49,790 to Rs 50,670. Gold prices may seek support around Rs 50,075 - Rs 49,960 - Rs 49,875, and may face resistance around Rs 50,385 - Rs 50,500 - Rs 50,585. 

On Tuesday, the MCX Gold 1 kg futures contract is likely to seek support around Rs 50,260 - Rs 50,215 - Rs 50,145, while on the upside the December contract may face resistance around Rs 50,430 - Rs 50,465 - Rs 50,500.

Similarly, the MCX Gold Mini November futures may seek support around Rs 50,000 - Rs 49,965 - Rs 49,900, and the contract is likely to face resistance around Rs 50,175 - Rs 50,205 - Rs 50,240 today.

Silver

Bias: Rangebound

Last Close: Rs 57,678

Support: Rs 57,170; Rs 56,600 

Resistance: Rs 60,870

The MCX Silver futures too continue to remain range-bound, with prices seen fluctuating in a wide range of Rs 54,500 to Rs 61,000 as per the daily chart. The weekly chart also resembles a near-about a similar trading band of Rs 53,100 to Rs 60,600.

Currently, Silver December futures seem to be testing resistance around the 20-DMA placed at Rs 57,950-odd level, above which the next crucial hurdle is placed at Rs 60,870 - its 200-DMA.

On the downside, Silver futures may seek support around the 100-DMA and 50-DMA, placed at Rs 57,170 and Rs 56,600, respectively.

The key momentum oscillators on the daily and the weekly chart are marginally positive, thus we may see some upside in the near term.

According to the weekly Fibonacci chart, this week the MCX Silver December futures may face some resistance around Rs 58,150 and Rs 58,550, above which prices can spurt to Rs 59,300 and Rs 60,500 levels. On the downside, the Rs 57,097 remains the key support for the week, below which prices can dip to Rs 56,820 and Rs 56,400.

On Tuesday, Silver futures are likely to seek support around Rs 57,515 - Rs 57,400 - Rs 57,220, while on the upside the commodity could face resistance around Rs 58,150.

Similarly, MCX Silver Mini November futures may seek support around Rs 57,960 - Rs 57,855 - Rs 57,700; while the Mini contract could face resistance around Rs 58,530 on Tuesday.

Further, the MCX Silver Micro November futures could seek support around Rs 58,025 - Rs 57,925 - Rs 57,775 and might face resistance around Rs 58,555 today.