Upside for Gold capped around Rs 52,570; Silver to test hurdle at Rs 60,800

The MCX Gold futures are likely to face resistance around Rs 51,135, above which the up move may still be capped at Rs 52,570. Silver futures have failed to sustain above the 200-DMA since late April.

The MCX Gold futures have reached within striking distance of the anticipated trading band on the daily chart, and for now, the upside seems capped around Rs 52,570. On the other hand, Silver futures are attempting to conquer the 200-DMA once again, after they failed in doing so in October.

Gold

Bias: Rangebound

Last Close: Rs 50,866

Support: Rs 50,520; Rs 50,310

Resistance: Rs 51,210; Rs 51,420

The anticipated trading range, as indicated by the Bollinger Bands on the daily chart, for MCX Gold futures has now narrowed down to Rs 50,000 to Rs 51,135. However, the weekly Bollinger Bands still indicate a slightly