MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in 2hr time frame. Last few sessions ended up in sideways mode retesting near the channel’s support line, where the market is expected to revise the trend to bullish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance level holding near 48280. The positive rally could be extending all the way up to 48450-48600 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds near 47800.
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