The MCX Gold price is trading in the narrow range between Rs. 25200 – 27712 (S-R2) from last month. After giving a pullback rally from Rs 25200 till 27200, the price is showing weakness and unable to hold. The trend continues to look weak for the medium term, with a test of Rs.25200 looking possible.
The 14-period RSI is holding near the 50 mark. The RSI is currently moving in a downward slope and is currently pointing lower, indicating negative momentum.
Unless resistance levels at Rs.27700 band are not taken off on the upside, prices could trade lower and move towards Rs.24990 level this week. Selling on rise is advisable for the short term.