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GOLD IS GETTING READY FOR ROCKET RIDE...


Gold on MCX struggling near descending resistance line of symmetric triangle at the same time 14 Period RSI moving above 50 with ascending support suggesting bulls are in action, breakout in expected direction may trigger a good bull move on MCX immediate resistances are 28815 and 28950 stability above these resistances would offer 29400 as primary resistance above that rally till 31000-31500 can’t be ruled out according this technical pattern. Recently short term SMA 20 crossed above SMA 55 is also supporting bullish view. Immediate support seen at 28300 failures below 28350 may neglect our bullish expectations. Stability above 28950 zones needed to confirm this bullish breakout entering in longs would be good idea during pullback after confirmation of this bullish breakout.

Recommendation:  our outlook will remain neutral, and watching price action near resistance we will enter in longs during pullback after confirmation of breakout.

Resistances: 28815-28950-29400
Supports: 28300-27900-27400
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