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GOLD

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling channel” 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 47300.

The upside rally could possibly test up to 47600-47900 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 46700. A slide to 46400 level is also a possibility if the price makes or break below the current support level.

Technical Chart

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