Gold prices can fall another 10% from here on; check key support levels

The MCX Gold December futures seem headed towards the 100-WMA (Weekly Moving Average) which stands at Rs 54,150 level; below which the next target shall be the 200-WMA.

Gold, which in general, is termed as a safer investment asset class in times of market uncertainty has witnessed an unusual sell-off in recent days despite fears of slowdown in world economies.

Is the recent sell-off a good time to invest in Gold and Silver? Or should you wait for a further dip. Here's what the charts suggest.

MCX Gold December futures

Bias: Negative

Current Price: Rs 56,700

Support: Rs 55,150

Resistance: Rs 57,400; Rs 57,700

Downside Targets: Rs 54,150; Rs 51,000

The MCX Gold December futures have tumbled over 5.5 per cent in the last eight trading sessions. On Tuesday, so far, MCX Gold December futures dip