Gold may take a breather around Rs 56,850; Trading range narrows for Silver

The overall bias for Gold remains bullish, with near support seen at Rs 55,900 level. The Bollinger Bands indicate a likely trading range of Rs 2,000-odd points for the MCX Silver March futures.

The MCX Gold futures have rallied over 12 per cent in the last 11 weeks, and are now again on five-week winning streak, up nearly 4 per cent. The overall bias continues to remain bullish, but considerable resistance is expected around Rs 56,850 level.

On the other hand, the anticipated trading band for Silver futures has now narrowed down to Rs 2,000-odd points, thus indicating the possibility of a breakout in the near future.

Gold

Bias: Bullish

Last Close: Rs 56,324

Target: Rs 56,850

Support: Rs 55,900

Resistance: Rs 56,580

The MCX Gold futures have logged gains in the last five straight weeks, up 3.7 per cent during