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GOLD

Technical outlook

MCX Gold Apr futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has traded lower as expected and closed in slight 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 51000. The downside rally could possibly test up to 50700-50400 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 51400. A slide to 51700-52000 is also a possibility if the price makes or break above the current resistance level.

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