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GOLD

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has traded sideways and closed in slight green, retesting near the channel’s support line. 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 48300. The upside rally could possibly test up to 48600-48900 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 48000. A slide to 47700-47400 level is also a possibility if the price makes or break below the current support level.

Technical Chart

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