Gold needs to conquer Rs 53,600 hurdle; Silver likely to target Rs 71,350

Bias for Silver futures likely to remain bullish, with near support seen at Rs 63,600 followed by Rs 62,500 level.

The MCX Gold and Silver futures logged strong gains last week. While Silver futures have given a strong buy signal on multiple time-frames, Gold futures need to clear its immediate hurdle zone for a stronger rally to emerge.

Gold

Bias: Positive

Last Close: Rs 53,265
Support: Rs 52,450
Resistance: Rs 53,400; Rs 53,600

The MCX Gold December futures have rallied Rs 1,100 in the last four trading sessions, and are currently testing resistance at the higher-end of the Bollinger Bands on multiple time-frames.

As per the daily, weekly and monthly charts, the higher-end of the Bollinger Bands indicate a resistance zone of Rs 53,400 -