Gold closed below the lower end of the triangle

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Gold resisted at 40DEMA, forming a triangular pattern. However, in Thursday’s trading session, the yellow metal closed below the lower end of the triangle. Therefore, it is likely to head lower towards 1170 – 1160 in the forthcoming trading sessions. On the way up, 1198 – 1215 will act as crucial resistance in the near term. Any minor degree pullback can be considered as a selling opportunity as long as it does not close above 1215. Overall, the trend in the yellow metal remains bearish as long as it does not close above 1215. The daily momentum indicator is bearish.

closed below the lower end of the triangle

MCX Trend

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