Gold: Gold trading range for the day is 30400-29850. Gold is getting support at
30100 and below same could see a test of 29950 level, And resistance is now likely
to be seen at 30250, a move above could see prices testing 29400. On the daily
chart MCX Gold price has given rising wedge breakdown and sustained below it.
Moreover, price has broken lower band of Bollinger formation on daily chart. On
the other hand, price has slipped from 21 days DEMA on daily chart; which
suggest down trend in the counter. Furthermore, Negative divergence is visible
on daily RSI as the momentum indicator made a lower low against higher trough
in price. Therefore, we expect bearish move in MCX Gold prices for upcoming
days.
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R2
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R1
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S1
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S2
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TREND
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GOLD
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30400
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30250
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30100
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29950
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SIDEWAYS
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