MCX Gold Short Term Bearish

MCX Gold prices are trading in a primary downtrend. Recently prices have given break out of Descending triangle pattern at Rs.27000. After breakout prices made a high of Rs 28271 and retraced back to trend line R, we expect prices will take support of trend line R and consolidate. We expect Gold prices to breach the support line (R) for short term and hence we recommend to go Short on rise till Rs.27200 for the target of Rs.26230/25900.                              

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