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GOLD

Technical outlook

MCX Gold Apr futures technical chart has taken the formation of “Bullish pennant chart” pattern in daily time frame. Following some sideways movements within the channel, last session has traded higher as expected and closed in 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 48500. The upside rally could possibly test up to 48800-49100 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 48200. A slide to 49900-49600 level is also a possibility if the price makes or break below the current support level.

Technical Chart

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