Gold faces multiple hurdles

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 average. Recently, gold faced resistance near the key daily moving average as well as near the upper channel line and has started the next leg down. The daily momentum indicator has completed its pullback cycle and has turned its trajectory down. Thus, gold is expected to fall till 28600-28170. The downside potential remains intact as long as gold trades below the swing high of 29816.
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