Gold may head lower, support seen at Rs 48,900 levels; silver range-bound

The 48,900-level is the 100-WMA for MCX Gold October futures, below which the next support stands around Rs 44,500 - 200-WMA. Momentum oscillators indicate a mixed outlook for MCX Silver f

The MCX Gold and Silver futures have been trading in a restricted band for the last two weeks. While the bias for Gold remains negative, momentum oscillators indicate a mixed outlook for the white metal. 

Gold

Bias: Negative

Last Close: Rs 49,399

Support: Rs 48,900

Resistance: Rs 51,000

The MCX Gold October futures attempted a pullback, but were unable to overcome the twin-hurdle around the 50,100-odd level, in the form of 20-DMA (Daily Moving Average) and 20-WMA (Weekly Moving Average).

At the same time on the positive side, Gold prices have managed to hold on to its recent lows near Rs 49,000-level, which also