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 after a consolidation inside the channel, 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 30250. The negative rally could extend all the way through 30200-30100 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 30350-30500 levels. Near possible Key resistance holds at 30500.
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