``MCX Gold is currently trading negatively within the downward sloping trend channel C-C1, forming lower tops and lower bottoms in the short-term.
The price has recently taken resistance at trend line C1 and turned lower indicating short-term weakness. The price also faces horizontal resistance at Rs.28,050 level below which the trend remains bearish.
The 14-period RSI is below trend line resistance as well as below the 50-mark which indicates short-term bearish momentum.
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