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Gold losing its brilliance

As can be seen from the chart, MCX gold is trading in a downward sloping channel. Within that channel, on the occasion of a minor-degree bounce, the yellow metal has been facing resistance near the key daily moving averages. Recently, gold faced resistance there and has started the next leg on the downside. The daily momentum indicator has touched the nine-period moving average and has turned its trajectory down. Thus, gold is expected to fall till 28750 (the channel target)-28550 (the equality target). The 20-daily moving average (29835) will act as a key resistance.

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