Pivot point at 50,350 for MCX Gold this week; Silver may see volatility

The bears are likely to have the upper hand as long as MCX Gold futures trade below Rs 50,350 this week; Near resistance on the upside is seen at Rs 50,900.

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Rex Cano Mumbai
The MCX Gold futures seem to be precariously poised near the 20-DMA (Rs 50,350), which is now likely to act as a pivot point and shall dictate the trend in the near term. On the other hand, select key momentum oscillators (MACD in particular) is exhibiting  divergent trend on the daily and the weekly charts for Silver, thus indicating a possibility of sharp wild swings in both directions this week.

Bias: Neutral

First Published: Oct 17 2022 | 09:39 AM IST

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