Key support holds near 48800 - Enrich Commodities
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GOLD
Technical outlook
MCX Gold Aug futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49100. The upside rally could possibly test up to 49400-49700 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 48800. A slide to 48500-48200 is also a possibility if the price makes or break below the current support level.
Technical Chart
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