Area around $1249-1242 associated with multiple supports like 38.2% level of gold bounce from $1040 area as well as 261.8% level of the last ascending wave under the & finally the parallel support of pre brexit level. is definitely oversold & must be looking to recover.
Tip => What we are missing here is a pattern & if we got it somewhere around here then gold could move higher sharply towards $1285 followed by $1308 in coming weeks. Wait for it.
MCX levels -> S2(29465) S1(29540) cmp(29650) R1(30300) R2(30820)
Note - Above is not a buy/sell recommendation.