MCX Gold futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend based on the price action. The continuation of the trend will be confirmed once the prices breaks above the key resistance zone holding near 30750. The positive rally could be extending all the way up to 30850-30950 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance zone holds strong then the market might have a chance to retest the same and turn bearish. The downside rally could test up to 30500 levels. Key support holds at 30400.
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