Bias turns positive; Gold may rally towards Rs 58,700, Silver Rs 70,000

The near term bias for MCX Gold April futures is likely to remain bullish as long as the commodity sustains above Rs 57,100.

The MCX Gold and Silver futures have rallied smartly in the last few trading sessions, and in the process the trend has turned positive as the precious metals conquered some of the near-term hurdles. These are the key levels to be watched-out for going ahead.

Gold

Bias: Bullish

Last Close: Rs 57,642
Target: Rs 58,700
Support: Rs 57,100

Resistance: Rs 58,075; Rs 58,440

The MCX Gold futures rallied 5.3 per cent in the last three trading sessions from a low of Rs 54,771 to a high of Rs 57,680. In the process, the select key momentum oscillators have now turned positive.

On Monday,