As evident from the chart, the commodity has been correcting from the high of Rs2,659 and is now nearing the key support zone of 50% retracement level of Rs2,214- 2,660 swing. The daily momentum indicator is in sell mode but is likely to finish its down cycle in the coming few days. Also, the prices are nearing the lower daily Bollinger Band that is currently placed at Rs2,460. Hence the area of Rs2,437-2,460 is likely to act as a key support area in the short term. Aggressive traders can accumulate in this area with a stop placed at Rs2,385 (61.8% retracement) on a closing basis.
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