MCX Gold Tips – Watch 46333 Level, Sell on Rise Target 45445—45100 – Neal Bhai
Gold is flirting with a break below its previously dominant uptrend channel but there remains little obvious desire to take major profits at current, high levels.
It may be more pertinent to focus on the broad range which had been forming within that channel for a couple of weeks and which remains in play.
Gold support comes in at $1670.ounce, a point which has held the bears back on a daily-closing basis since April 9. A durable fall below this could presage deeper retracement, while a holding action here could see April’s highs revisited even if the appetite to push above them is lacking.
