Tech check: Gold to see fresh rally only above Rs 54,400, Silver Rs 68,600

The overall bias for MCX Gold December futures is likely to remain bullish as long as the contract sustains above Rs 53,850, and Silver above Rs 65,950.

The MCX Gold and Silver futures are likely to trade with a positive bias as long as they sustain above Rs 53,850 and Rs 65,950, respectively. On the upside, Gold needs to trade and sustain above Rs 54,400, Silver above Rs 68,600 for a fresh rally to emerge.

Gold

Bias: Positive

Last Close: Rs 54,300

Target: Rs 55,550

Support: Rs 53,850; Rs 53,650

Resistance: Rs 54,400

The MCX Gold February futures rallied nearly 5 per cent in the last three weeks, with Gold topping the Rs 55,000-mark for the first time since early March 2022. Select momentum oscillators on the daily and weekly chart seem to be