As evident from the chart, the commodity has been finding support near its 50% Fibonacci retracement level that is around Rs2,437. For the last couple of trading sessions it has been finding support near this area. Going forward,the immediate resistance is placed at Rs2,490, which is the falling trend line resistance. Once that is taken off bulls will take charge of this commodity and head higher towards Rs2,470 and Rs2,606. The reversal of this view is placed at Rs2,399, which is 61.8% retracement level.
