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Published on 12/09/2019 9:30:06 AM | Source: Enrich Commodities India Pvt Ltd

Gold key resistance holds at 38300 - Enrich Commodities

Gold

Technical Outlook

MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, the market is expected to continue on bearish momentum based on the price actions. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 37900. The negative rally could be extending all the way up to 37750-37600 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 38300 level. Key resistance holds at 38300.

Technical Chart

 

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