Support for Gold moves higher to Rs 50,800; MCX Silver may test Rs 63,900

The MCX Silver futures were seen testing the 200-DMA after a gap of almost six months and could move to Rs 63,900-level in the near term.

The current up move in Gold prices seems more of a pull-back rally within a corrective move. The next few trading sessions is likely to give a clearer picture of future trend, for now the near-term support has moved higher to Rs 50,800. On the other hand, Silver futures were seen testing the 200-DMA after almost six months, above which the commodity could spurt to Rs 63,900-level in the near term.

Gold

Bias: Negative

Last Close: Rs 51,960

Upside Target: Rs 52,700; Rs 53,150

Support: Rs 50,800

The MCX Gold futures have managed to break and sustain above the key moving averages for the last four