'Buy the dips' in MCX Gold; Silver needs to hold Rs 60,100, charts show

On the upside, the MCX Gold December futures can retest it's last week high of Rs 53,200.

The overall trend for MCX Gold futures remains positive, and one can look for buying opportunities on dips closer to the key support levels of Rs 52,300 and Rs 52,050, below which a test of the 20-DMA seems possible. Silver futures on the other hand need to survive above the 20-DMA at Rs 60,100-odd level for an up move to resume.

Gold

Bias: Positive

Last Close: Rs 52,649

Target: Rs 53,350

Support: Rs 52,300; Rs 52,050

After touching a high at Rs 53,200, Gold futures witnessed some profit-taking at higher levels last week. Technically, the short-term trend which turned positive in the preceding week, now suggest