Trend to remain positive for Gold above Rs 54,040; Silver 66,940

The MCX Gold and Silver futures were seen consolidating after the recent rally. The short-term bias for these precious metals is likely to remain positive as long as they sustain above the 20-DMA. On the upside, Gold futures are likely to counter some resistance around Rs 55,150, Silver around Rs 70,250.

Gold

Bias: Positive

Last Close: Rs 54,574

Target: Rs 55,550

Support: Rs 54,040

Resistance: Rs 55,150

The MCX Gold February futures were seen consolidating in the week gone by as the commodity came within striking distance of the anticipated price target. Furthermore, Gold prices seem to facing some resistance around the higher-end of the Bollinger Bands