MCX Gold, Silver: Key trading levels to watch out on April 11

MCX Gold may rally to Rs 53,570 on the upside; break and sustained trade above Rs 52,250 to add momentum.

Gold

Bias: Positive 

Target: Rs 53,570

Support: Rs 51,560

Gold prices have risen by 3.7 per cent from its recent low of Rs 50,354 in the last nine trading sessions. Gold is now trading near the higher-end of the Bollinger Band on the daily charts, indicating some resistance around Rs 52,250.

Gold needs to break and sustain above the resistance range of Rs 52,250 to Rs 52,750, for a sustained up move. On the upside, Gold can rally to Rs 53,570 to Rs 54,750 in the coming trading sessions.

The short-term trend is likely to remain positive as long as Gold sustains above its 20-DMA placed at Rs 51,560-odd levels.

According to the daily Fibonacci chart, Gold is likely to seek support around Rs 51,875-51,815-51,750; whereas it may face resistance around Rs 52,270-52,330-52,390 on Monday.

Similarly, Gold Mini may seek support around Rs 51,680-51,630-51,575, and is likely to face resistance around Rs 52,025-52,080-52,135.

Silver

Bias: Negative

Support: Rs 65,500

Resistance: Rs 67,540

Silver has been underperforming since mid-March when compared with Gold. Silver, however, has found support around the lowr-end of the Bollinger Band on the daily charts near Rs 65,900-odd levels, and currenly bounced back near its 20-DMA (Daily Moving Average) at Rs 67,540-odd levels. 

In the near term, Silver seems trapped in a range of Rs 65,500 to Rs 67,540, with momentum currently slightly in favour of the bears. Break and close above Rs 67,540, can trigger a rally towards Rs 69,300-odd levels on the upside, whereas, a break of the key support at Rs 65,500, can see prices slide to Rs 64,200-odd levels - close to its 200-DMA.

Among the key momentum osciallators, the MACD (Moving Average Convergence and Divergence) and the True Strength Indicator are in favour of the bears; the Stochastic too is showing signs of wearing out, while the 14-day RSI (Relative Strength Index) is in neutral mode.

On Monday, Silver is likely to seek support around Rs 66,720-66,640-66,550; on the upside, the commodity may face resistance around Rs 67,260-67,350-67,430.

Similarly, Siliver Mini may seek support around Rs 66,900-66,825-66,750; whereas it may face resistance around Rs 67,400-67,475-67,550.

Silver Micro could seek support around Rs 66,900-66,835-66,760 while might face resistance around Rs 67,390-67,470-67,550.