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Published on 15/11/2019 9:31:04 AM | Source: Enrich Commodities India Pvt Ltd

The positive rally could be extending all the way up to 38500-38700 levels - Enrich Commodities

Gold

Technical Outlook

MCX Gold Dec futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, the market is expected to continue on bullish momentum based on the pattern formation. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 38350. The positive rally could be extending all the way up to 38500-38700 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. The downside rally could test up to 37850 level. Key support holds at 37850.

Technical Chart

 

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