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GOLD

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Following some sideways movements within the channel, last session has traded higher but closed in red. 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 48500. The downside rally could possibly test up to 48200-47900 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 48800. A slide to 49100-49400 level is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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