Gold Short Term Bearish, Target At 25680/25500
CommodityOnline | Oct 31, 2014 03:09AM ET
Hence the medium term trend continues to look bearish for Gold and a test of Previous low at Rs. 25680/25500 (T) level looks possible.
MCX Gold has been in an downtrend since the past six months forming lower tops and flat bottoms within the channel (C-S). The price has recently broken the support from the short term support at Rs.26500 and closed below the same, further the price gave a sharp correction and currently heading towards the previous Low (T) of Rs 25680/25500. Hence the medium term trend continues to look bearish for Gold and a test of Previous low at Rs. 25680/25500 (T) level looks possible.
The 14-period RSI is weak and is currently pointing lower which indicates bearish momentum. Until price closes above trend line (C1 ) at Rs.27000, Selling on rise is advisable.
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