MCX Gold Aug futures technical chart has taken the formation of “Rising 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 47200. The positive rally could be extending all the way up to 47400-47550 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 46700 level. Key support holds at 46700.
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