Gold: Test of resistance

MCX gold was moving up in a channelised manner. It has broken the lower end of the channel and is currently retesting the channel line. The 20-daily moving average and the 40-daily exponential moving average are also there to resist along with the channel line. The daily momentum indicator has completed the pullback cycle, whereas the weekly momentum indicator is in a bearish mode. Thus, the medium-term trend for the yellow metal is down. The short position can be initiated with a reversal above 31,438 for a target of 30,150.
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