The MCX Gold April futures has been facing resistance around the higher end of the Bollinger Band on the daily charts for the last three trading sessions at Rs 30,650-odd levels. Going ahead, fresh gains can be expected only on break and sustained trade above Rs 30,650-odd levels. As mentioned the weekly update, Gold can rally to Rs 33,000-odd levels in case of a positive breakout. However, for the time being since Gold is facing resistance around Rs 30,650-odd levels, the yellow metal may correct and test support around the 20-DMA (Daily Moving Average) at Rs 30,200-odd levels. Among the key momentum oscillators on the daily charts - the MACD (Moving Average Convergence-Divergence) is in neutral mode. The ADX (Average Directional Index) and the Stochastic Slow are positive. As per the daily Fibonacci charts, MCX Gold April futures today may seek support around Rs 30,295-30,270-30,240, while face resistance around Rs 30,455-30,480-30,505. Similarly, Gold April futures may seek support around Rs 30,485-30,465-30,440, while face resistance around Rs 30,625-30,650-30,670.
Read more: Commodity gold News