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Published on 3/04/2020 1:03:06 PM | Source: Enrich Commodities India Pvt Ltd

The Gold downside rally could test up to 42800 level - Enrich Commodities

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Gold

Technical outlook

MCX Gold May futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, the market is expected to continue on bullish momentum based on the price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 43350. The positive rally could be extending all the way up to 43550-43750 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 42800 level. Key support holds at 42800

 

 

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