The upside for MCX Gold October futures is seen capped around Rs 51,100-level for now. On the other hand, Silver futures may consolidate following the near 5 per cent rally last week.
The MCX Gold October futures were seen testing support around the 200-DMA; while select momentum oscillators indicate a likely pullback for Silver futures.
Industrial recovery, higher demand from new age technologies could propel a turnaround
The MCX Gold October futures is trading near multiple supports in the form of 20-WMA, 20-DMA and 50-DMA; Whereas Silver futures may seek support near its recent low of Rs 54,160-odd level, while the u
Higher demand in India, the world's biggest silver consumer, could support global prices
Sustained trade below Rs 52,065, can trigger a fall to Rs 51,650 - 51,700 levels on the Gold futures; whereas Rs 57,200 is the key support for Silver futures.
The price of silver declined by Rs 300 per kg to Rs 58,700 per kg
The white metal has lost about 11%, weighed down by the stronger US dollar, rising interest rates and slowing growth
Gold and Silver prices go down gradually. Chennai to be the most expensive to city to buy gold and silver.
The MCX Gold futures are likely to face resistance around Rs 51,670, while Silver futures may face hurdle at Rs 59,030.
Gold and silver have always remained some of the precious assets to safeguard against inflation
10 gram of 22-carat gold is trading at Rs 46,450 today after a fall of Rs 130
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.
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.
On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 346 or 0.63 per cent to Rs 54,689 per kg in a business turnover of 24,509 lots.
The MCX Gold futures need to cross and sustain above Rs 51,350 to regain upward momentum; Silver futures has near support at Rs 56,100.
Gold futures are likely to trade with a bullish bias as long as they hold above Rs 51,535 in the entire month of July; Silver futures could decline towards Rs 53,850.
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.
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.