Support: Rs 52,300; Rs 52,050
After touching a high at Rs 53,200, Gold futures witnessed some profit-taking at higher levels last week. Technically, the short-term trend which turned positive in the preceding week, now suggest that Gold can be bought on dips in the coming trading sessions for fresh gains.
For the first-time since early July 2022, the short-term (20-DMA) is seen trading above the other key moving averages. The 20-DMA (Daily Moving Average) now at Rs 51,400-odd level shall be the significant support for Gold going ahead in case of a considerable corrective move.
The other key moving averages - 50-, 100- and 200-DMAs are seen in the range of Rs 50,700- Rs 51,050. The near-term support for MCX Gold December futures is seen at Rs 52,300 followed by Rs 52,050. A break of the same, could see Gold prices dip towards the 20-DMA.
On the upside, Gold futures can retest last week's high of Rs 53,200. Gold futures need to break and sustain above Rs 53,130-level for further strength, indicates the weekly chart.
Among the key momentum oscillators, the 14-day RSI is near overbought zone. The MACD and the Slow Stochastic too are showing some signs of tiredness; hence Gold prices may consolidate in the near term.
According to the weekly Fibonacci chart, MCX Gold December futures are likely to trade in a range of Rs 52,100 to Rs 53,200 this week. Gold futures are likely to seek support around Rs 52,450 - Rs 52,300 - Rs 52,200, and may face resistance around Rs 52,850 - Rs 52,990 - Rs 53,100.
On Monday, the MCX Gold 1 kg futures contract may seek support around Rs 52,470 - Rs 52,430 - Rs 52,375, while on the upside the December contract could face resistance around Rs 52,750 - Rs 52,820 - Rs 52,925.
Similarly, the MCX Gold Mini November futures could seek support around Rs 52,355 - Rs 52,300 - Rs 52,250, and on the upside the contract may face resistance around Rs 52,615 - Rs 52,685 - Rs 52,790 today.
After consolidating at higher levels for more than a week, the MCX Silver December futures have once again dipped below the 200-DMA, and now seen testing support around the 20-DMA.
The 20-DMA at Rs 60,100-odd level is the key support in the near term. Sustained trade below the same could trigger a fall in Silver futures to Rs 58,550 and Rs 57,300 - its 50-DMA and 100-DMA, respectively.
On the upside, Silver futures need to sustain above the 200-DMA at Rs 60,800-odd level, for the up move to resume.
Select momentum oscillators, like the RSI and MACD have given a negative divergence on the daily chart. Hence, the likelihood of Silver futures breaking the 20-DMA supports seems higher.
According to the weekly Fibonacci chart, this week the MCX Silver December futures may move in a broad range of Rs 59,385 to Rs 62,470. The commodity could seek support around Rs 60,380 - Rs 59,975 - Rs 59,680, while may face resistance around Rs 61,475 - Rs 61,880 - Rs 62,175, during the week.
On Monday, Silver futures may seek support around Rs 60,530 - Rs 60,410 - Rs 60,285, while on the upside the December contract is likely to face resistance around Rs 61,155 - Rs 61,325 - Rs 61,565.
Similarly, MCX Silver Mini November futures are likely to seek support around Rs 60,825 - Rs 60,725 - Rs 60,620; whereas the Mini contract could face resistance around Rs 61,500 - Rs 61,600 - Rs 61,700 on Monday.
Further, the MCX Silver Micro November futures could seek support around Rs 60,870 - Rs 60,770 - Rs 60,670 and the Micro contract is expected to counter resistance around Rs 61,385 - Rs 61,525 - Rs 61,725 today.
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