Key support for MCX Gold stands at Rs 55,900; Silver Rs 64,400

The weekly chart suggests, sustained break and trade below Rs 55,900, can trigger a fall in Gold futures towards the Rs 54,000 level.

The MCX Gold and Silver futures are seen testing support at the key moving averages on the daily and weekly scale. The immediate support level for MCX Gold April futures stand at Rs 55,930, which is the 50-DMA; Similarly, Silver futures is testing support at its 100-DMA placed at Rs 64,400.

Both the precious metals are seen trading below the short-term (20-DMA) which could act as the near-term hurdles.

Gold

Bias: Cautiously Positive

Last Close: Rs 56,257

Support: Rs 55,930

Resistance: Rs 56,940

Last week, the MCX Gold futures dipped around a per cent on profit-taking after Gold prices had scaled a record high of Rs 58,826