MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern along with a short-term “Bearish megaphone” in daily time frame. Last few sessions ended up in consolidation, where the market is expected to continue to rally on the bearish term. The negative rally could be testing all the way through 31050-30900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 31250, then it might turn bullish once again. The upside rally could be testing 31300-31400 levels. Key support holds at 30900.
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