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GOLD

Technical outlook

MCX Gold Dec futures technical chart has taken the formation of “Descending broadening wedge” pattern in 4hr time frame. Following some sideways movements within the channel, last session has ended in slight green. 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 46600. The upside rally could possibly test up to 46900-47200 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 46300. A slide to 46000-45700 level is also a possibility if the price makes or break below the current support level.

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