MCX Gold, Silver futures seem range-bound; Key levels to watch out

The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.

Gold

Bias: Indecisive

Last Close: Rs 50,834

Resistance: Rs 51,300

Support: Rs 50,100

Last week, the MCX Gold futures witnessed significant volatility in sync with other traded asset classes. While the long-term trend for Gold futures continues to remain bullish, the short-term trend seems indecisive till the time we witness a confirm breakout from the trading range of Rs 50,200 to Rs 51,900.

As per the weekly chart, Gold prices need to sustain above Rs 51,300-level for further gains to materialize, with a potential upside to Rs 53,300-odd level. On the flip side, MCX Gold futures could slide to Rs 49,300.

While the key momentum oscillators on the daily chart seem to be indecisive at the moment, the weekly MACD seems to be in favour of a downside.

According to weekly Fibonacci chart, MCX Gold August futures this week may move in a broad range of Rs 49,940 to Rs 51,730. Gold futures could seek support around Rs 50,515 - 50,280 - 50,110; whereas on the upside, Gold prices are likely to face resistance around Rs 51,150 - 51,390 - 51,560.

On Monday, MCX Gold August futures may look to seek support around Rs 50,755 - 50,650 - 50,610; whereas the commodity could face resistance around Rs 50,975 - 51,015 - 51,060.

Similarly, Gold Mini July futures are likely to seek support around Rs 50,750 - 50,660 - 50,620, whereas prices on the upside may face resistance around Rs 50,895 - 50,990 - 51,030 on Monday.

Silver

Bias: Range-bound

Last Close: Rs 60,937

Resistance: Rs 63,000

Support: Rs 60,000

Early last week, the MCX Silver futures threatened to breakdown from the trading range but eventually failed to do so. The MCX Silver futures thus remain trapped in the broad trading range of Rs 60,000 to Rs 63,000, with a possibility of downside extension to Rs 58,150 and upside extension to Rs 64,500 as indicated by the weekly chart.

The key momentum oscillators seem to be slightly in favour of the bears going ahead, while the indications from the momentum oscillators seem inconclusive on the daily chart. A directional trend can be expected only after a confirmed breakout.

According to the weekly Fibonacci chart, this week the MCX Silver July futures are likely to trade in a broad range of Rs 59,480 to Rs 62,400; with support likely around Rs 60,420 - 60,035 - 59,755. On the upside, Silver futures may face resistance around Rs 61,455 - 61,840 - 62,120.

On Monday, Silver futures may look to seek support around Rs 60,745 - 60,500 - 60,500, while may face resistance around Rs 61,270 - 61,370 - 61,475.

Similarly, MCX Silver Mini June futures are likely to seek support around Rs 61,085 - 60,965 - 60,770; while prices may face resistance around Rs 61,560 - 61,650 - 61,745 on Monday.

Further, the MCX Silver Micro June futures could seek support around Rs 61,220 - 61,100 - 60,920 and might face resistance around Rs 61,560 - 61,680 - 61,860 today.