MCX gold has been trading within the upward trend channel but showing range bound phenomenon since the past two days forming higher tops and higher bottoms. The commodity witnessed buying sentiments and price has recently showing a breakout signal near 31800 levels and channel resistances which could set off the price to 32000. The 14-period RSI is currently pointing higher and holding well above the 50 mark indicates further bullishness.
As long as the price sustains above short-term support at 31200 level and 31000, buying sentiments is seen for gold.
After collapsing to 28500 levels, the commodity witnessed steady buying. The 20 day SMA crossover at 27500 levels carried the prices in to higher levels.
On charts, the commodity is showing bullish phenomenon. MACD and P-ROC (Rate of Change) is positive. RSI is strong but slightly showing selling sentiments.
Steady selling at 32000 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX gold.