MCX Gold Oct futures technical chart has taken the formation of “Falling wedge” pattern in 4hr time frame. Last few sessions ended up sideways after retesting near the channel’s resistance line. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 51700. The downside rally could possibly test up to 51400-51100 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 52000. A slide to 52300-52600 is also a possibility if the price makes or break above the current resistance level.
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