Key resistance holds near 46400 - Enrich Financial Solution pvt ltd
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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 corrections within the channel, last few sessions ended bearish. 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 45800.
The downside rally could possibly test up to 45500-45200 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 46400. A slide to 46700 level is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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