MCX Gold Found Support at lower end of rising channel

The yellow metal found support at the lower end of the rising channel and bounced back. In the near term, the yellow metal can rise higher towards 1263, i.e. 50% retracement level of the entire fall and upper end of the channel. Once it closes above 1263, it can inch higher towards the 61.8% retracement level of its entire fall, which is pegged at 1287. On the way down, 1233 – 1224 will act as crucial support zone. The trend shall remain bullish as long as it does not close below 1224. The daily momentum indicator is bullish.

MCX Trend

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