After a significant fall, MCX gold had formed a reversal bar pattern on the daily chart called a Popgun pattern. As a follow-through the price has started moving higher. The daily momentum indicator is in line with the recovery. The price is moving up in a channelised manner. The key daily moving averages and the lower channel line, ie Rs29,200, will act as a key support on a closing basis. The initial target on the upside is the upper channel line, ie Rs30,280. Once that is crossed the swing’s high of Rs31,062 will be the subsequent target.

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