Gold MCX Ready for a dip?

Head and shoulder top reversal pattern is appearing on Gold MCX daily chart. Gold has broken the up sloping neck line support of this pattern and now retesting that broken neckline near 27900 zones. Metal has placed immediate support around 27550 further stability below this level would attract more supply in this commodity and then a retest to 27200-26800 zones may take place. MACD is hovering near zero line and getting ready for a bearish cross below its signal line that would bring strong bearish momentum in this commodity.

Recommendation: Selling gold on jumps around 27850-900 zones, with stop loss above 27950 (closing basis) for targeting 27300-26900 might be appropriate for short term. Currently trading at 27782, traders are advised to enter in said range only.

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