MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in hourly time frame. Last few sessions 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 51800. The upside rally could possibly test up to 52000-52150 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 51640. A slide to 51400- 51250 is also a possibility if the price makes or break below the current support level.
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