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An alternative scenario indicates that if the market struggles to break the resistance level - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Dec futures technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has ended in green. 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 47000. The upside rally could possibly test up to 47300-47600 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 46600. A slide to 46300-46000 level is also a possibility if the price makes or break below the current support level.
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