Key resistance holds near 47300 - Enrich Commodities
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GOLD
Technical outlook
MCX Gold Aug futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last session ended up bearish mode along with some corrections inside the channel. 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 47300. A slide to 47600 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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