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Published on 26/02/2020 9:06:52 AM | Source: Enrich Commodities India Pvt Ltd

The positive rally could be extending all the way up to 42600-42500 levels - Enrich Commodities

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Gold

Technical outlook

MCX Gold Apr 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 bearish momentum based on the price action. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 42720. The positive rally could be extending all the way up to 42600-42500 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 43000 level. Key resistance holds at 43000.

Technical Chart

 

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