Given the Thanksgiving holiday in the US and the UK, markets are likely to remain thinly traded; hence, we could see a prolonged range-bound movement in the Gold in the near term.
Key momentum oscillators remain slightly bearish; hence, the probability of a downside breakout remains higher.
In case Gold breaks below Rs 29,500-odd levels, the yellow metal can slide by another Rs 1,000 to Rs 28,500-odd levels.
As per the daily Fibonacci charts, MCX Gold December futures today may seek support around Rs 29,850-29,805-29,760, while face resistance around Rs 30,140-30,185-30,230.
Similarly, GoldM November futures may seek support around Rs 30,185-30,125-30,060, while face resistance around Rs 30,575-30,635-30,700.