The upside rally could possibly test up to 47000-47300 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 “Descending broadening wedge” pattern in 4hr time frame. Following some sideways rallies within the channel, last session has ended in strong green, after retesting near the support trend 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 46700. The upside rally could possibly test up to 47000-47300 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 46400. A slide to 46100-45800 level is also a possibility if the price makes or break below the current support level.
Technical Chart
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