Gold was trading in the range of 1300 – 1366 since the past many weeks. However, in the previous week, the yellow metal broke the range on the downside. Therefore, the trend has turned bearish. On the way up, 1300 – 1317 will act as resistance in the near term. Rise towards the resistance level shall be considered as a selling opportunity. On the way down, the yellow metal is likely to drift lower towards 1275 – 1260 level in the forthcoming trading session. The daily momentum indicator is bearish.

 

Gold trend has turned bearish Range breakdown

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