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Published on 21/01/2019 9:25:06 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 32200-32300 levels - Enrich Commodities

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Gold

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up bearish in trend long with some corrections inside the channel, where the market is expected to continue on bearish momentum. The continuation of the trend will be confirmed once the prices breaks below the key support holding at 32050. The negative rally could be extending all the way up to 31900-31800 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same revise the trend to bullish once again. The upside rally could test up to 32200-32300 levels. Key resistance holds at 32300.

 

Technical Chart:

 

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