Upside for Gold seen capped at Rs 56,950; Silver may test Rs 64,000

On the downside, the Rs 56,235-level is the key support for Gold futures, below which a prolonged consolidation phase seems likely.

The MCX Gold futures slipped below its short-term moving average for the first time in three months. Going ahead, the Rs 56,950-level needs to be closely watched to gauge the market sentiment. Sustained trade below the same could lead to a consolidation and price correction.

Meanwhile, the short-term bias for Silver futures has turned negative hence the commodity could see some downward pressure in the near term. To reverse the negative bias, Silver futures will need to trade above the Rs 68,400-level on a consistent basis.

Gold

Bias: Consolidation likely

Last Close: Rs 56,741

Support: Rs 56,235

Resistance: Rs 56,950

Last week, the MCX Gold futures dipped