Gold Scope for bounce

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Gold had registered a positive weekly close after finding support at 78.6% retracement level of its previous rise. However, in the previous week, the yellow metal posted a red weekly candle. Therefore, in the near term, the previous week’s high of 1214 will be a crucial resistance on the way up. The pullback in the yellow metal can extend higher towards $1236-1262 once it breaks above $1214. On the way down, $1188-1180 will provide support in the near term. The gold scope of a deeper pullback in the medium term is possible as long as the yellow metal does not close below 1175. The weekly momentum indicator is bearish.

gold scope

MCX Trend

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