Commodity Corner: MCX Gold, Silver futures likely to consolidate

The MCX Gold futures may seek near support around Rs 52,040; whereas Silver futures have multiple key support around Rs 65,235 and Rs 64,600.

Gold

Bias: Consolidation

Resistance: Rs 53,130

Support: Rs 51,630

Last close: Rs 52,261

The MCX Gold futures are currently testing support around the short-term moving averages (20-DMA) on the daily charts, placed at Rs 52,040-odd levels. The next immediate support for the Gold futures is at Rs 51,630-odd levels - its 50-DMA.

As per the price-to-moving average action, the bias remains positive for MCX Gold futures as the prices have managed to sustain above the key moving averages, further the 20-DMA is also above the 50-DMA. According to the daily charts, as long as Gold prices do not decline below Rs 51,630 for a