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MCX Gold Feb futures technical chart has taken the formation of “Megaphone chart” pattern in 4 hours’ time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, the market is expected to continue on bearish momentum based on the price action. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 37510. The negative rally could be extending all the way up to 37400-37300-37150 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish once again. The upside rally could test up to 37850 levels. Key resistance holds at 37850.
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