MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold June 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 higher as expected and yet closed in almost flat. 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 52300. The upside rally could possibly test up to 52600-52900 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it mightretest the same and revise the trend to bearish/sideways mode once again. Key support holds near 51900. A slide to 51600-51300 is also a possibility if the price makes or break below the current support level.
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