Gold may enter short-term corrective phase, test Rs 52,000-level

On the upside, Gold futures need to break and sustain above Rs 55,230 in order to negate the likely corrective move. Meanwhile, Silver futures seem on course to test Rs 72,000.

The MCX Gold and Silver futures finished the year 2022 with gains of 14.3 per cent and 10.8 per cent respectively. Going ahead, while the bias for Silver futures remains positive, Gold futures may see a corrective move given the persistent resistance above the Rs 55,000-mark.

The Rs 55,230 is the key level to watch out for on Gold futures in the coming week.

Gold

Bias: Short-term correction likely

Last Close: Rs 55,017

Target: Rs 52,000

Support: Rs 54,450

Resistance: Rs 55,230; Rs 55,350

The year 2022 was a good year for Gold, with prices climbing over 14 per cent during the course of the year; this came