MCX Gold, Silver futures likely to trade rangebound this week

The MCX Silver December futures may re-test the 200-DMA hurdle placed at Rs 60,900 in the near term.

The MCX Gold and Silver futures are likely to exhibit range-bound movement in the near term amid mixed cues on the technical charts. The key sentimental driver, the 200-DMA level, for MCX Gold futures and Silver futures are placed at Rs 50,758 and Rs 60,900, respectively.

Gold

Bias: Neutral

Last Close: Rs 50,517

Support: Rs 49,800; Rs 49,200

Resistance: Rs 51,500; Rs 52,500

The MCX Gold futures are likely to trade sideways in the coming trading sessions amid mixed signals on the technical charts. Another important thing to note is that, the key moving averages - 20-, 50-, 100- and 200-DMA (Daily Moving Averages)