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A slide to 48400-48700 level is also a possibility if the price makes or break above the current resistance level - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Oct futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. There have been a few sideways sessions in the past few days along with some corrections inside the channel. 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 47700.
The downside rally could possibly test up to 47400-47100 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 48100. A slide to 48400-48700 level is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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