Gold Report

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 48700. The downside rally could possibly test up to 48400-48100 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 49000.  A slide to 49300-49600 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Right angled ascending broadening wedge” pattern in 2hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 49000. The downside rally could possibly test up to 48700-48400 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 49300.  A slide to 49600-49900 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Right angled ascending broadening wedge” pattern in 2hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49300. The upside rally could possibly test up to 49600-49900 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 49000.  A slide to 48700-48400 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 49300. The downside rally could possibly test up to 49000-48700 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 49700.  A slide to 50000-50300 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49700. The upside rally could possibly test up to 50000-50300 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 48800.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Falling wedge” pattern in hourly time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49050. The upside rally could possibly test up to 49400-49700 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 48750. A slide to 48400-48100 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Falling wedge” pattern in hourly time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49000. The upside rally could possibly test up to 49300-49600 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 48700. A slide to 48400-48100 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 48500. The downside rally could possibly test up to 48200-47900 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 49400.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49300. The upside rally could possibly test up to 49600-49900 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 48700. A slide to 48400 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 49400. The upside rally could possibly test up to 49700-50000 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 49100. A slide to 48800-48500 is also a possibility if the price makes or break below the current support level.