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Published on 5/08/2020 10:39:42 AM | Source: Enrich Commodities India Pvt Ltd

It might retest the same and revise the trend to bearish/sideways mode - Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Gold

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Rising channel” pattern in hourly time frame. Last session ended up bullish, breaking historical high. Based on the current price action, market is expected to continue on bullish momentum. The upside rally could be testing whole new levels, once break above the current resistance as recent high holding at 54612 in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds near 54050.

Technical Chart

 

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