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The upside rally could possibly test up to 46800-47100 levels in the upcoming sessions - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Oct futures technical chart has taken the formation of “Head & Shoulders” pattern in daily time frame. Following some corrections within the channel, last few sessions has ended bullish upon retesting 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 46500.
The upside rally could possibly test up to 46800-47100 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 45900. A slide to 45600 level is also a possibility if the price makes or break below the current support level.
Technical Chart
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