April Gold future price fell sharply on Friday’s trading session by reversing the previous gains and after making a low of 16431 it settled at 16515 levels.

Market is likely to see a mild higher correction before resuming its downtrend. However, crucial support is at 16400 levels on breach and sustain below may Lead the prices to drop further.

The resistances are at 16560 then 16620 levels. We recommend selling at higher levels.

MCX Gold: Sell April at 16502 TP 16480 SL 16516

Courtesy: Karvy Commtrade Ltd.

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