MCX Gold can fall sharply if it breaks 100-WMA; Silver needs to win 100-DMA

The MCX Gold October futures 100-WMA is placed at Rs 48,900, sustained trade below which can trigger a 10 per cent slide. Silver futures need to conquer multiple hurdles.

The MCX Gold futures cracked heavily in trades last week, but somehow managed to hold the 100-WMA support. In case, the yellow metal breaks the 100-WMA support, a sharper fall of around 10 per cent cannot be ruled out, indicates the daily chart. Meanwhile, Silver futures despite the recovery need to conquer multiple hurdles on the upside for the overall trend to turn favourable.

Gold

Bias: Negative

Last Close: Rs 49,334

Support: Rs 48,900

Resistance: Rs 50,025; Rs 51,000

After a 2.3 per cent fall last week, the MCX Gold October futures were seen testing support around the 100-WMA (Weekly Moving Average) at Rs