Gold Short Term Bearish, Tgt 27023/26700
CommodityOnline | Sep 03, 2014 07:57AM ET
Hence the medium term trend continues to look bearish for Gold and a test of Previous low at Rs.27023/26700 (T) level looks possible.
MCX Gold has been in an flat trend since the past four months forming lower tops and flat bottoms within the channel (C-S). The price has recently broken the support from the short term support line (C1) at Rs.27770 and closed below the same, further the price gave a sharp correction and currently heading towards the previous Low (T) of Rs 27023/26700. Hence the medium term trend continues to look bearish for Gold and a test of Previous low at Rs.27023/26700 (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.27770, Selling on rise is advisable.
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