Sloppy Trend On MCX Gold; Strong Support At 29900

Published 03/25/2013, 06:32 AM
Updated 05/14/2017, 06:45 AM
GC
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IMOEX
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MCX Gold price fell from resistance near Rs.29900 level after completing the intended upside target of Rs.29800 last week. The price has been trading negatively, since the past four months forming lower tops and lower bottoms within the downwards-sloping trend channel C-C1. The trend continues to look bearish for the short-term below resistance line C, and a fall towards immediate support near Rs.29450 level could be possible.

The 14-period RSI is close to the resistance line below the 50 mark, indicating neutral momentum.

As long as the price respects trend line resistance near Rs.29900-30000 levels on a daily closing basis, selling on rallies would be the advisable strategy.

MCX Gold

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