Broader outlook for Gold remains bullish; Silver can pull-back to Rs 59,250

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.

Despite the corrective move last week in Gold futures, the overall bias on the broader chart continues to remain positive for Gold. On the other hand, Silver futures seem oversold at current levels hence a pull-back seems likely.

Gold

Bias: Positive

Last Close: Rs 50,810

Support: Rs 49,925

Resistance: Rs 51,350

The MCX Gold futures are exhibiting a mixed outlook on the charts. On one hand, the broader trend on the weekly chart remains firmly positive for Gold futures, while on the other, select price-to-moving averages actions indicates a cautious outlook.

As per the daily chart, the 20-DMA at Rs 50,838 is on the verge of slipping