Key support level holding near 47400 - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in daily time frame. Last few sessions ended up sideways 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 47400.
The downside rally could possibly test up to 47100-46800 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 47700. A slide to 48000-48300 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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