Decisive move likely in MCX Gold this week; Silver futures may consolidate

The Rs 50,975-level is the pivot point for MCX Gold futures this week; Silver futures may trade in a broad range of Rs 60,165 to Rs 63,175 this week.

Gold

Bias: Decisive move likely

Resistance: Rs 51,500

Support: Rs 50,700

The MCX Gold futures are seen consolidating in a narrow trading band of Rs 800, within the 20-DMA placed at Rs 50,700-odd level and the higher-end of the Bollinger Band on the daily charts at Rs 51,500-odd level. 

The weekly chart indicates Rs 50,975 as the key pivot point for the bullish and bearish expectation for the week. Sustained trade above Rs 50,975 can trigger an upside rally towards Rs 53,000-mark, provided Rs 51,500 is taken off with strong volume. On the flip side, sustained trade below Rs 50,975, can trigger a