Key support holds near 49000 - Enrich Commodities
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GOLD
Technical outlook
MCX Gold Feb futures technical chart has taken the formation of “Right angled ascending broadening wedge” pattern in 2hr 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 49300. The upside rally could possibly test up to 49600-49900 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 49000. A slide to 48700- 48400 is also a possibility if the price makes or break below the current support level.
Technical Chart
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