MCX Gold likely to consolidate; Silver may re-test Rs 70,000

The MCX Gold futures are likely to consolidate in a trading band of Rs 56,100 to Rs 57,300 in the coming trading sessions.

The MCX Gold and Silver futures have been consolidating in the recent weeks following strong gains in the preceding weeks. The overall bias for Gold futures remains positive, while Silver futures may look to bounce back in the near term.

Gold

Bias: Positive

Last Close: Rs 56,857

Support: Rs 56,100

Resistance: Rs 57,300

Even as Gold prices consolidate at higher levels, the overall bias continues to remain positive on the basis of price-to-moving averages action, and other momentum factors.

The MCX Gold futures have sustained above the 20-DMA (Daily Moving Average) now since early November 2022 and prices rallied over 12 per cent during the period.

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