MCX Gold may scale Rs 53,350 as trend turns positive; Silver eyes Rs 63,725

The near-term support for MCX Gold futures now shifted higher to Rs 52,000-level, whereas Silver futures likely to seek support near 200-DMA at Rs 60,800.

The MCX Gold and Silver futures have seen some positive developments on the daily charts in the recent trading sessions, which helped turn the trend from rangebound to positive for both precious metals. Consequently, the near-term support levels for Gold and Silver too have shifted higher to Rs 52,000 and Rs 60,800, respectively.

Gold

Bias: Positive

Last Close: Rs 52,334

Target: Rs 53,350

Support: Rs 52,000

Resistance: Rs 52,570; Rs 52,600

Last week, the MCX Gold futures have seen a couple of positive developments on the daily chart. Firstly, Gold prices were able to register a higher-high in recent sessions, and secondly, Gold futures broke and managed