MCX Gold, Silver: Key trading levels to watch out on April 11

MCX Gold may rally to Rs 53,570 on the upside; break and sustained trade above Rs 52,250 to add momentum.

Gold

Bias: Positive 

Target: Rs 53,570

Support: Rs 51,560

Gold prices have risen by 3.7 per cent from its recent low of Rs 50,354 in the last nine trading sessions. Gold is now trading near the higher-end of the Bollinger Band on the daily charts, indicating some resistance around Rs 52,250.

Gold needs to break and sustain above the resistance range of Rs 52,250 to Rs 52,750, for a sustained up move. On the upside, Gold can rally to Rs 53,570 to Rs 54,750 in the coming trading sessions.

The short-term trend is likely to remain positive as long as Gold sustains above its 20-DMA placed