Key levels: Gold needs to sustain above Rs 50,700; Silver above Rs 54,100

The MCX Gold futures seem to be taking support around the 200-DMA, on the upside sustained trade above the 20-DMA at Rs 50,700 can trigger a fresh rally.

After testing the 200-DMA support twice in the last two weeks, the MCX Gold August futures may look to bounce back, provided the Gold prices manage to sustain above the 20-DMA at Rs 50,700. 

Here's what to expect for Gold and Silver futures this week: 

Gold

Bias: Neutral

Last Close: Rs 50,680

Support: Rs 49,800

Resistance: Rs 51,250

The MCX Gold futures for the second straight week bounced back after testing its 200-DMA (Daily Moving Average). The 200-DMA stands at Rs 49,826, followed by near support at the lower-end of the Bollinger Band around Rs 49,690.

On the daily chart, Gold futures are currently