IGI Logo

GOLD

Technical outlook

MCX Gold Dec futures technical chart has taken the formation of “Falling wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has ended 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 45800. The downside rally could possibly test up to 45500-45200 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 46100. A slide to 46400-46700 level is also a possibility if the price makes or break above the current resistance level.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer