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Published on 21/06/2019 10:40:02 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could test up to 33770-33600 on intraday levels - Enrich Commodities

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Gold

Technical Outlook

MCX Gold futures technical chart has taken the formation of “Rounding bottom chart” pattern in daily time frame. Last session ended up in strong bullish trend after few consolidations inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 34060. And by breaking the Resistance barrier, as per the rounding pattern, the breakout might push the prices to further higher levels. The positive rally could be extending all the way up to 34150-34300 on intraday levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. A reversal from the current scenario might also pull down the prices to much lower levels, as per the pattern’s functionality. The downside rally could test up to 33770-33600 on intraday levels. Key support holds at 33600..

 

Technical Chart

 

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