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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 bullish, testing near the resistance trend line. 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 47400. The upside rally could possibly test up to 47700- 48000 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 46800. A slide to 46500 level is also a possibility if the price makes or break below the current support level.

Technical Chart

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