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MCX Gold in bearish engulfing pattern near 32,000

MCX Gold gave a gap down opening on Wednesday and extended its fall. The precious yellow metal is currently in a bearish engulfing candlestick pattern on the daily charts, which indicates a possible trend reversal.

Immediate support for gold lies near 31,770, breaching which could create panic in prices that could further lead to a drift towards 31,650-levels. For now, any small up move can be used as a selling opportunity.

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