Gold rally may take a breather, support at Rs 59,750 holds key

The MCX Gold June futures could dip to Rs 58,300 or lower, in case the support at Rs 59,750 gets violated; Pivot point for Silver is Rs 74,850.

The MCX Gold and Silver futures recently hit record highs at Rs 61,399 and Rs 77,549, respectively. Given the steep rally profit-taking at higher levels seems logical. However, post Friday's profit-taking charts indicate a mixed picture for the precious metals.

While Gold futures seem to have indicated that corrective phase may begin soon, the MCX Silver futures have managed to hold the bias fairly in favour of the bulls for now.

Here are the key levels to be watched out on the MCX Gold and Silver futures in the near-term.

Gold

Bias: Consolidation

Last Close: Rs 60,348

Resistance: Rs 60,800; Rs 61,300

Support: Rs