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MCX Gold futures technical chart has taken the formation of “Rounding bottom chart” pattern in daily time frame. Last few sessions ended up in bullish trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 34240. The positive rally could be extending all the way up to 34350-34500 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 34060-33950 levels. Key support holds at 33950.
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