Can MCX Gold futures drop below Rs 50,000 in May? Key levels to watch out

The MCX Gold futures seem to be facing considerable resistance around Rs 52,250 as per the monthly charts. Similarly, the upside for Silver seems likely to be capped around Rs 64,200-64,750 odd levels

Gold

Bias: Caution advised

Last close: Rs 51,760

Resistance: Rs 52,250

Support: Rs 50,800

The MCX Gold futures were seen consolidating over the last few weeks in the broad range of Rs 50,500 to Rs 53,500-odd levels. As per the weekly charts, the bias is likely to remain positive as long as Gold prices sustain above Rs 50,100-odd level - which is the 20-WMA (Weekly Moving Average). On the upside, Gold futures can rally up to Rs 54,000.

However, the monthly charts indicate that MCX Gold futures attempted to breakout of the higher-end of the Bollinger Band in the last two months, and failed