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Gold trading Strategy and technical outlook


Gold mcx moving in a descending channel and now tasting support line of this channel. At the same time bullish crab harmonic structure seen which completes at 29435 and gold may jump after hitting low around 29440-430 zones. Bullish divergence on 14 period RSI indicator also supporting our reversal expectations.

Supports: 29430-29100
Resistances: 29660-29770-29920

Recommendation: buying gold around 29455-435 zones for targeting 29630-770-29900 with stop loss below 29400 on hourly closing basis might be appropriate. 
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