Upside seems capped for MCX Gold; Silver may consolidate in this range

The upside for MCX Gold June futures seem capped around Rs 51,400-level, while support is seen around Rs 50,670; Silver futures may consolidate in a broad range of Rs 58,480 to Rs 63,885.

Gold

Bias: Limited Upside

Last close: Rs 50,913

Resistance: Rs 51,400

Support: Rs 50,670

The bias for MCX Gold June futures continue to remain that of a limited upside, as the commodity continues to trade below the 50-DMA. The MCX Gold prices are likely to face considerable resistance around Rs 51,400-level - its 50-DMA which also coincides with the higher-end of the Bollinger Band on the daily charts. 

Further, key momentum oscillators like the 14-day RSI and MACD although positive seem to be lacking strength. One needs to watch out for the ADX closely for improved strength in either direction.

On the downside, the 20-DMA placed at