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GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Following some bullish rallies within the channel, last session has ended in red. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 45900. The downside rally could possibly test up to 45600-45300 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 46500. A slide to 46800 level is also a possibility if the price makes or break above the current resistance level.

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