As evident from the chart, the commodity is nearing the key resistance zone of 50% retracement level, which is currently placed at Rs3,276, and the gap area (Rs3,297). Also the 40-daily exponential moving average is placed at Rs3,295 and hence it is the major hurdle for bulls going forward. On the lower side, it is likely to retest the lower trend line around Rs3,044 in the short term.