The adjacent chart shows the price movement of MCX gold two month contract ie MCX gold June contract. The price tumbled down in the last couple of weeks. It has reached near the previous low of 27,517. Near this low the bulls are expected to move in to provide support to the yellow metal. In the last session gold formed a bullish outside bar on the daily chart. Also, the daily momentum indicator is looking for a recovery from the oversold zone. Thus, unless the level of 27,517 breaks gold can move up till its key daily moving averages ie 29,000.
