MCX gold formed a short-term correction in the last few sessions. It retraced 50% of the previous rise. Near the key Fibonacci level, the yellow metal has taken support near the lower end of the reverse channel. The daily lower Bollinger band is also there to provide support to gold. Thus, Rs.26,400–Rs.26,350 will act as a key support zone on closing basis. On the higher side, gold is expected to test the recent high of 27,796 with a potential to move higher. Swing high of Rs.27,220 will act as an intermediate resistance.

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(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

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