Despite pullback, MCX Gold, Silver futures face multiple hurdles ahead

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 prices logged smart gains last week after US Federal chairman Jerome Powell hiked interest rates for the fourth time in 2022. Despite the pullback, both Gold and Silver need to claw back above multiple hurdles for the overall trend to turn favourable technically.

Here's what to expect for Gold and Silver futures this week: 

Gold

Bias: Neutral

Last Close: Rs 51,430

Support: Rs 51,156

Resistance: Rs 51,670, Rs 52,750

Despite, the 1.5 per cent rally last week the outlook for MCX Gold futures remain tepid, as the price-to-moving average action continues to favour the bears. 

The 20-DMA (Daily Moving Average) at Rs 50,711, is below