MENU

Published on 21/09/2020 9:23:05 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could possibly test up to 52000-52150 levels in the upcoming sessions - Enrich Commodities

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

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

GOLD

Technical outlook

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.

 

Technical Chart

 

 

To Read Complete Report & Disclaimer Click Here

 

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer