Fresh Technical Developments on Gold MCX Charts

Gold has been trading in a rectangle ranging among key support of 28200 and resistance at 30800 from past 7 months. Recently commodity has broken through the support of 28200 and headed a low of 27770 during bearish attempt but couldn’t get enough selling forces and climbed back above 28200 in next trading session. Today again Metal faces selling pressure near 38.2% Fibonacci retracement of entire bearish swing from high of 30737 to a low of 27770. MACD has given a cross above signal line but holding below line zero that indicates downward momentum in this commodity. 10 days SMA is also below 40 days SMA that qualifies as a sell signal based on moving averages. Immediate support is now placed at 28200 any sustained move below this level would confirm resumption to preceding down trend and then commodity will try hitting 27800 zones as primary target whereas further stability below 27700 would result in a decline towards 27200-26100 zones in coming days.

Recommendation: Selling gold on jumps around 28750-850 with stop loss above 29000 (closing basis) for targeting 27800-27200-26100 and more down side might be appropriate. Currently trading at 28580

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