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Published on 12/10/2018 10:27:18 AM | Source: Enrich Commodities India Pvt Ltd

MCX Gold futures technical chart has taken the formation of Rising channel pattern - Enrich

Gold

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last session ended up strongly bullish in trend, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance zone holding at 32050. The positive rally could be extending all the way up to 32180-32300 and furthermore 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 turn bearish. The downside rally could test up to 31600 levels. Key support holds at 31600

Technical Chart:

 

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