MCX Gold has traded in slightly bullish bias yesterday, settling within the level below 38.2% correction at 29000 and 28700. Stability below these levels increases the possibility of another attempted slide, but to support this scenario, we must see a break below 28300 represented at 50% correction followed by break below the previous bottom at 28100.
The MACD is negative, while the RSI 14 is waving below the 50-mark. The Linear regression indicators 34 and 55 are trading negatively as well, supporting the bearish scenario unless we see a break below 28750 on the intraday interval.
Trading Mantra Recommendation : Based on the above, short MCX Gold below 28700, targeting 28400, 28300, then 28100, and stop-loss above 28800.