MCX Gold likely to re-test Rs 58,000; Silver may drop to Rs 63,500

The MCX Gold futures are likely to find considerable support around Rs 56,235 level; the bias may turn cautious only on sustained trade below the same.

The MCX Gold and Silver futures seem to be placed on a divergent path currently following last week sharp fall. While Gold futures seem likely to retest the highs around Rs 58,000-mark, Silver futures are likely to extend losses in the coming trading sessions, indicate charts.

Gold

Bias: Positive

Last Close: Rs 56,560

Support: Rs 56,235

Resistance: Rs 57,730; Rs 58,100

The MCX Gold futures witnessed a severe fall in the last two days, partly on account of profit-taking in sync with global prices, and the F&O expiry. Gold futures dropped over 3.5 per cent in just two sessions, after hitting new life-time high at Rs