MCX Gold futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up bearish in trend retesting near the channel’s support slope line, where the market is expected to continue on the bearish momentum. The sell signal will be confirmed once the market breaks below a key support holding near 30050. The negative rally could extend all the way through 29950-29800 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong, then it might retest the same and revise to bullish momentum. The upside rally could test 30200-30350-30500 levels. Key resistance holds at 30500.
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