Gold futures likely to re-test Rs 55,550; Silver on course to Rs 71,350

The bias for the remainder of December is likely to remain bullish as long as Gold futures trade above Rs 53,850. Meanwhile, near support for Silver is seen at Rs 67,500 - Rs 67,350 levels.

The MCX Gold and Silver futures continue to exhibit a bullish bias on multiple time-frame charts. Gold futures are likely to re-test the March highs of Rs 55,550-odd level, while Silver futures seem on course to surpass the Rs 71,000-mark.

Gold

Bias: Positive

Last Close: Rs 54,295

Target: Rs 55,550

Support: Rs 53,850

Resistance: Rs 54,450

The MCX Gold futures have witnessed a smart rally in the last five-odd weeks, having gained as much as 8 per cent during the period. Following which, the Gold December futures are now seen trading near the higher-end of the Bollinger Bands, both, on the daily and the weekly