MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in 4hr time frame. Last few sessions ended up in bullish mode meeting a new high, testing near the channel’s resistance line. The market is expected to revise the trend to bearish momentum based on retesting price action, breaking below a key support holding near 48780. The negative rally could be extending all the way up to 48630-48470 in the upcoming sessions. An alternative scenario indicates that if the market breaks the new high, then it might continue the trend to bullish/sideways mode. Key resistance holds near 49300.
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