Gold to remain bullish above Rs 51,600-level; Silver futures await breakout

The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.

Gold

Bias: Bias bullish above Rs 51,600

Last Close: Rs 51,694

Upside Target: Rs 53,500

Downside Support: Rs 51,200

The MCX Gold futures as expected made a decisive move towards the end of last week, with prices ending marginally above the higher-end of the Bollinger Band on the daily chart.

MCX Gold prices need to sustain above Rs 51,600-odd level for further bullishness to continue, below which the next significant support is at Rs 51,300-odd level - which is the 50-DMA (Daily Moving Average).

The weekly chart indicates that as long as Gold futures manage to sustain above Rs 51,200-level, prices can look to