Verdict- Neutral to Bearish.
DCE Jan24 contract corrected massively during the trading day, gained significant support at 941.0. Hourly CCI was in bearish territory. Hourly slow stochastic KD potentially create gold cross above oversold area. Hourly MACD widened in bearish territory. Open position lost significantly both on January and May, indicating the previous buyers were leaving with gains. The trading volume was big, indicated a crowded trading during the market downturn. The correction is not over from technical angle.
First support 941.0. First resistance 980.0.
