IGI Logo

GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Following some sideways rallies within the channel, last session has ended in bullish with few corrections, testing near the resistance trend 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 47600. The upside rally could possibly test up to 47900-48200 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 47000. A slide to 46700 level 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