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GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Symmetrical Triangle” pattern in 4hr time frame. Following some sideways rallies within the channel, last session has ended in sideways with few corrections, testing near the support trend line. 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 47000. The downside rally could possibly test up to 46700-46400 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 47300. A slide to 47600-47900 level is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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