Support for MCX Gold seen at Rs 51,865; Silver may dip to Rs 59,000-level

The Rs 51,865-level is the 20-DMA for MCX Gold, below which the next major support is seen at Rs 51,050.

The MCX Gold and Silver futures are likely to consolidate this week. While the overall trend for Gold is positive, the bias for Silver futures seems neutral owing to mixed signals on the daily and the weekly charts.

Gold

Outlook: Consolidation

Last Close: Rs 52,544

Support: Rs 51,865; Rs 51,050

After testing a high of Rs 53,200, the MCX Gold futures have consolidated in the recent trading sessions. Even as the overall trend remains positive, the consolidation phase could see Gold December futures testing support around Rs 51,050-odd level in the upcoming trading sessions.

The price-to-moving average action is seen further strengthening, with