MCX Gold may seek support around Rs 51,100-level; Silver remains negative

The MCX Gold October futures is trading near multiple supports in the form of 20-WMA, 20-DMA and 50-DMA; Whereas Silver futures may seek support near its recent low of Rs 54,160-odd level, while the u

The MCX Gold futures declined by 2 per cent last week amid some profit-taking and is seen trading closer to multiple support levels, with an underlying positive bias. On the other hand, bias for Silver futures remains negative. Going ahead, this week here are the key support and resistance levels on the precious metals future contracts.

Gold

Bias: Positive

Last Close: Rs 51,479

Support: Rs 51,200, Rs 51,100

Resistance: Rs 51,850

After a four-week rally, wherein the MCX Gold futures surged almost 5 per cent, last week the yellow-shiny metal slipped 2 per cent amid some profit-taking. The overall bias for MCX Gold October futures, however,