Major hurdle for Gold seen at Rs 51,300; Silver awaits decisive move

Gold futures need to break above Rs 51,300 for fresh gains to emerge, on the downside break of Rs 50,300 can trigger a slide to Rs 49,400-odd level.

Gold and Silver prices last week largely traded with a negative bias, however, they managed to sustain above the key support levels. Here's what is likely in store this week.

Gold

Bias: Marginally negative

Last Close: Rs 50,623

Resistance: Rs 51,300

Support: Rs 50,300; Rs 49,400

The MCX Gold futures continue to trade on an indecisive note, with the short-term bias turning marginally negative on the daily chart. As per the price-to-moving averages action, Gold futures traded below the key moving averages - 20-, 50- and 100-DMA for most part of the last trading week.

Further, the 20-DMA now placed at Rs 50,870-odd