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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 sideways rallies within the channel, last session has ended in bearish with few corrections, after retesting near the resistance 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 46700. The downside rally could possibly test up to 46400-46100 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 47000. A slide to 47300-47600 level is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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