The downside rally could possibly test up to 46600-46300 levels - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Oct futures technical chart has taken the formation of “Symmetrical Triangle” pattern in 4hr time frame. Following some sideways rallies within the channel, last session has ended in sideways with few corrections, testing near the support trend line. 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 46900. The downside rally could possibly test up to 46600-46300 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 47200. A slide to 47500-47800 level is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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