Gold price: Resistance, support for MCX Gold REVEALED, check crucial levels

CapitalVia Investment Advisor said that International Gold and Silver prices are trading with weakness as US Treasury yields and the US dollar rebounded from the two weeks low. The Federal Reserve reiterated in its latest policy meeting that interest rates would remain low for some time. Technically, International Gold is trading bearish momentum. Prices tested $1755-$1760 levels and declined from there and traded above previous resistance of $1740-$1746.

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CapitalVia may expect a minor correction to take place against the current uptrend where Rs 46500 – Rs 46400 levels could be tested. Bullish momentum has been witnessed since the market tested the major support of Rs 44200 – Rs 44100 levels. The current trend in MCX Gold price is sideways to Bearish, the Resistance for Gold MCX is Rs 46804 and 47002 while the support is at Rs 46378 and Rs 46492, highlights CapitalVia.

Like Gold, International Silver is also trading with marginal sideways and negative bias. Prices breached the resistance levels of $25.4-$25.5 but could not sustain above them. MCX Silver May opened on a flat note and has traded with negative bias since morning. It traded at Rs 67650 – Rs 67750 levels for the first time after more than 3-weeks in the previous session. Prices may take support at Rs 66500 levels after which bullish momentum may continue. The current trend in MCX SIlver price is sideways to Bearish, the Resistance for Silver MCX is Rs 67366 and 67802 while the support is at Rs 66240 and Rs 66585, highlights CapitalVia.