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Gold Looking for a breather

The adjacent chart shows the price movement of MCX gold two-month contract, ie August contract. Gold is in a down trend from the short-term as well as mediumterm perspective. However on the daily chart it has reached near the lower end of the falling channel. Also, the short-term momentum indicators are showing oversold readings. Thus the precious metal can attempt a minor degree bounce. The key level for that would be Rs26,500. Once the bounce is over gold can resume the larger down trend. The upper channel line, which is near Rs27,000, will act as a major hurdle. On the downside gold can test the previous low of Rs24,964.

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