MCX Gold, Silver futures seem range-bound; Key levels to watch out

The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.

Gold

Bias: Indecisive

Last Close: Rs 50,834

Resistance: Rs 51,300

Support: Rs 50,100

Last week, the MCX Gold futures witnessed significant volatility in sync with other traded asset classes. While the long-term trend for Gold futures continues to remain bullish, the short-term trend seems indecisive till the time we witness a confirm breakout from the trading range of Rs 50,200 to Rs 51,900.

As per the weekly chart, Gold prices need to sustain above Rs 51,300-level for further gains to materialize, with a potential upside to Rs 53,300-odd level. On the flip side, MCX Gold futures could slide to Rs 49,300.

While the key momentum oscillators on