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GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of Falling wedge pattern in daily time frame. Following some sideways rallies within the channel, last session has ended bearish as expected. Based on the current price action, market is expected to reverse 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.

Sell below 47100 target 46800-46500 stop loss TRAILING; If break above 47400 then Buy, target 47700-48000 stop loss TRAILING

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