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GOLD

Technical outlook

MCX Gold Dec futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has ended in red on a gap down formation after retesting near the channel’s resistance line. 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 47100. The downside rally could possibly test up to 46800-46500 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 47400. A slide to 47700-48000 level is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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