MCX Gold likely to test Rs 54,000-level; Silver can dip to Rs 61,200

In case of a pullback, the immediate resistances for Gold and Silver futures are placed at Rs 56,050 and Rs 64,580, respectively.

The MCX Gold and Silver futures have declined 5.8 per cent and over 13 per cent from their respective peaks registered on February 02, 2023, so far. While, Silver futures have been trending with a negative bias for quite some time now, Gold futures too have now dipped below key moving averages.

The next significant supports for the Gold and Silver prices stand at Rs 54,000 and Rs 62,000. On the upside, the short-term moving averages are likely to act as resistances.

Gold

Bias: Negative

Last Close: Rs 55,432

Target: Rs 54,000; Rs 52,400

Support: Rs 55,300

Resistance: Rs 56,050; Rs 56,700

The MCX Gold