Gold

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up ended up bullish in trend after retesting near a key support zone inside the channel, where the market is expected to continue on the bullish trend based on the current price action. The continuation of the trend will be confirmed once the prices break above the key resistance zone holding at 32150. The positive rally could be extending all the way up to 32250-32500 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance zone holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 31900-31750 levels. Key support holds at 31750.

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Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last session ended up ended up bullish but consolidated, retesting near a key support zone inside the channel, where the market is expected to continue on the bullish trend based on the current price action. The positive rally could be extending all the way up to 32000-32150 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support zone holding at 31750 then it might revise the trend to bearish once again. The downside rally could test up to 31600 levels. Key resistance holds at 32150.

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Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last session ended up ended up bearish in trend after few positive rallies inside the channel, where the market is expected to continue on the bearish trend based on the current price action. The continuation of the trend will be confirmed once the prices breaks below a key support zone holding at 31750. The negative rally could be extending all the way up to 31650-31550 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key support zone holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 32150 levels. Key resistance holds at 32150.

Research Report call:

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up ended up bullish in trend along with some corrections, where the market is expected to continue on the bullish trend based on the current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance zone holding at 32150. The positive rally could be extending all the way up to 32250-32350 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance zone holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 31850 levels. Key support holds at 31850.

Research Report call:

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last session ended up consolidated but bearish in trend, where the market is expected to continue on the bullish trend by retesting a strong junction support zone inside the channel. The positive rally could be extending all the way up to 31900-32000 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the support zone holding at 31700, then it might have a chance to revise the trend to bearish once again. The downside rally could test up to 31500 levels. Key resistance holds at 32000.

Research Report call:

Technical outlook

MCX Gold futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last session ended up strongly bullish in trend, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance zone holding at 32050. The positive rally could be extending all the way up to 32180-32300 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and turn bearish. The downside rally could test up to 31600 levels. Key support holds at 31600.

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Technical outlook

MCX Gold futures technical chart has taken the formation of “Right angled descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways trend but still indicating bullish momentum based on overall price action, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance zone holding at 31420. The positive rally could be extending all the way up to 31480-31550 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and turn bearish. The downside rally could test up to 31250 levels. Key support holds at 31250.

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Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up bearish in trend retesting the channel’s resistance slope line, where the market is expected to continue on bearish trend based on the current price action. The continuation of the trend will be confirmed once the prices breaks below the key support zone holding at 31200. The negative rally could be extending all the way up to 31120-31050 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and turn bullish. The upside rally could test up to 31400 levels. Key resistance holds at 31400.

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Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last session ended up bearish in trend on a gap up formation as a false break out of the channel, where the market is expected to continue on bearish trend based on the current price action. The continuation of the trend will be confirmed once the prices breaks below the key support zone holding at 31200. The negative rally could be extending all the way up to 31120-31050 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and turn bullish. The upside rally could test up to 31500 levels. Key resistance holds at 31500.

Research Report call:

Technical outlook

MCX Gold futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up bullish in trend retesting near the channel’s resistance slope line, where the market is expected to continue on bullish based on the price action. The positive rally could be extending all the way up to 31200 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a strong key support which is holding at 30950, then it might have a chance to revise the trend to bearish once again. The downside rally could test up to 30800 levels. Key resistance holds at 31200.

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