Dear <<First Name>>
Yellow Metal is forming its base in International market, which is reflected in MCX Gold as well.
Technically Speaking –
International Gold @ 1336.30 making marginal higher lows from last four sessions, forming a minor trend line upon which it is taking support.
Week on week basis Gold prices moved higher by $10.
As shown in attached Gold prices reached closed to falling trend line resistance, breakout from this line will entice further buying interest in Gold.
MCX Gold also started making base formation above 29500 levels. During last whole week prices remained stick to its rising trend line, and in the last session of Friday, prices gave decisive breakout and closed higher at 30726, which indicates bulls are getting ready to take this rally further higher.
RSI is favorable for International Gold prices as well MCX Gold, and which will support prices to move higher in the coming sessions.
On any dip, fresh longs can be taken with stop loss of 30200. Prices on holding and moving above 30700 can test 31300 and 31900 levels.