MCX Gold Feb futures technical chart has taken the formation - Enrich Commodities
GOLD
Technical outlook
MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily 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 49700. The upside rally could possibly test up to 50000-50300 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.
Technical Chart
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