MCX Gold In a Corrective Mode

Gold has seen a “5 Wave” rise from the low of 1240.It is witnessing a correction of previous upmove. Therefore, a correction towards 1274 and 1267 (38.2% and 50% retracement levels, respectively of the previous upmove) is possible. However, dips towards the support levels should be seen as a buying opportunity, as the short and the medium-term trends continue to remain bullish. On the way up, a rally towards 1310-1325 is likely once it manages to cross 1295. The momentum indicator is in a ‘negative’ mode.
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