Key resistance level holding near 47700 - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Oct futures technical chart has taken the formation of “Falling channel” pattern in daily time frame. Following some sideways rallies within the channel, last few sessions has ended in bullish with few corrections, 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 47700.
The upside rally could possibly test up to 48000-48300 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 47400. A slide to 47100-46800 level is also a possibility if the price makes or break above the current support level.
Technical Chart
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