MCX Gold futures trade near 200-DMA; Silver likely to test 200-WMA

The MCX Gold futures may test its support at the 200-DMA placed at Rs 49,750, while Silver futures may dip towards the 200-WMA placed at Rs 53,900-odd level.

The MCX Gold August futures traded with a negative bias for the last two straight weeks, and have shed a solid 3.5 per cent during the period. Gold futures are now within striking distance of some of its technical levels both on the daily and the weekly charts.

Whereas, Silver futures have logged losses in the five straight weeks, and are also near the major support of its 200-WMA.

Here's what to expect going ahead:

Gold

Bias: Cautious

Last Close: Rs 50,103

Support: Rs 49,750

Resistance: Rs 50,800

The MCX Gold futures are trading fairly closer to its key long-term (200) Daily Moving Average) placed at Rs 49,750.