MCX Gold, Silver futures likely to exhibit range-bound trade

The MCX Gold futures may test near term-resistance around Rs 56,170 - Rs 56,250; whereas, Silver futures may test Rs 64,930 - Rs 65,300.

The MCX Gold and Silver futures are likely to exhibit range-bound trade over the course of next few weeks, as the precious metal future prices look to consolidate following the recent decline.

Gold

Bias: Range-bound 

Last Close: Rs 55,737

Indicative Range: Rs 55,150 - Rs 57,350

Resistance: Rs 56,170; Rs 56,250

The MCX Gold futures seem to have taken support around the lower-end of the Bollinger Bands on the daily chart and pulled back. Overall, it seems like the MCX Gold futures may consolidate in the near term and exhibit a range-bound trade.

The precious metal now seems on its way to test resistance around the 20-DMA