MCX Gold Apr futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame - Enrich Financial
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GOLD
Technical outlook
MCX Gold Apr futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has traded higher yet gain reaching historical high and closed in green. 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 54300. The upside rally could possibly test up to 54600-54900 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 53600. A slide to 53300 is also a possibility if the price makes or break below the current support level..
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