The 14-period RSI is above the support line and continues to tread lower indicating bearish momentum over the medium term.
As per our previous recommendation dated 31st October 2014 of going Short on MCX Gold , our first target of Rs 25680 has achieved.
Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels (Rs. 25590) and fresh Short positions should be initiated on rise. The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.24830 level.
The 14-period RSI is above the support line and continues to tread lower indicating bearish momentum over the medium term.