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GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling channel” pattern in 4hr time frame. Following some sideways rallies within the channel, last session has ended in slight bullish with few corrections, 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 47100. The upside rally could possibly test up to 47400-47700 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 46900. A slide to 46600-46300 level is also a possibility if the price makes or break below the current support level.

Technical Chart

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