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Published on 23/09/2020 10:07:41 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could possibly test up to 50850-51150 levels in the upcoming sessions - Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Gold

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Right angled descending broadening wedge” pattern in 4hr time frame. Last session ended up sideways after retesting near the channel’s support line. Based on the current price action, market is expected to continue on bullish momentum once the same breaks above the key resistance level holding near 50500. The upside rally could possibly test up to 50850-51150 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 once again. Key support holds near 50200. A slide to 49850-49550 is also a possibility if the price makes or break below the current support level

Technical Chart

 

 

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