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GOLD

Technical outlook

MCX Gold Apr futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Following some sideways movements within the channel, last session has traded sideways and closed in flat. 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 50200. The upside rally could possibly test up to 50500- 50800 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 49900. A slide to 49600-49300 level is also a possibility if the price makes or break below the current support level.

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