Now as we can see on charts, gold is trading around $1092 area after printing a fresh low at $1172 last week. In area around $1050-1070 there are number of support available for gold which may force for a corrective bounce before falling more. At the same time we witness a pattern on last week closing with some extra . Oversold indicators too need some relaxation here.
On fundamental side, upcoming FOMC meeting will provide more clear direction for time being. A little delay in interest rate rise can spark shot term bullion rally.
Based on above studies, apart from strong we could witness a corrective rally towards $1124-1133 area before showing more weakness.
Note - Above is not a buy/ sell recommendation. For recommendations Contact Us call Us : 088890 34986 or visit http://www.mantracommodity.blogspot.in
MCX levels -> S2(24450) S1(24660) cmp (24780) R1(25210) R2(25450)