Business Standard

MCX Gold can fall sharply if it breaks 100-WMA; Silver needs to win 100-DMA

The MCX Gold October futures 100-WMA is placed at Rs 48,900, sustained trade below which can trigger a 10 per cent slide. Silver futures need to conquer multiple hurdles.

Photo: Bloomberg
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Photo: Bloomberg

Rex Cano Mumbai
The MCX Gold futures cracked heavily in trades last week, but somehow managed to hold the 100-WMA support. In case, the yellow metal breaks the 100-WMA support, a sharper fall of around 10 per cent cannot be ruled out, indicates the daily chart. Meanwhile, Silver futures despite the recovery need to conquer multiple hurdles on the upside for the overall trend to turn favourable.

Gold
Bias: Negative
Last Close: Rs 49,334
Support: Rs 48,900
Resistance: Rs 50,025; Rs 51,000

After a 2.3 per cent fall last week, the MCX Gold October futures were seen testing support around the 100-WMA (Weekly Moving Average) at Rs

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First Published: Sep 19 2022 | 9:14 AM IST

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