Gold Report

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in 2hr time frame. Last few sessions ended up in sideways mode inside the channel. The market is expected to continue on bearish momentum based on current price action, breaking below a key support holding near 48800. The negative rally could be extending all the way up to 48650-48450 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. Key resistance holds near 49300.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in 4hr time frame. Last few sessions ended up in bullish mode meeting a new high, testing near the channel’s resistance line. The market is expected to revise the trend to bearish momentum based on retesting price action, breaking below a key support holding near 48780. The negative rally could be extending all the way up to 48630-48470 in the upcoming sessions. An alternative scenario indicates that if the market breaks the new high, then it might continue the trend to bullish/sideways mode. Key resistance holds near 49300.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up in bullish mode meeting a new high, testing near the channel’s resistance line. The market is expected to revise the trend to bearish momentum based on retesting price action, breaking below a key support holding near 48800. The negative rally could be extending all the way up to 48600-48450 in the upcoming sessions. An alternative scenario indicates that if the market breaks the new high, then it might continue the trend to bullish/sideways mode. Key resistance holds near 49140.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in 4hr time frame. Last few sessions ended up in sideways mode retesting near the channel’s support line, where the market is expected to revise the trend to bullish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance level holding near 48830. The positive rally could be extending all the way up to 48990 and further 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. Key support holds near 48620.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in 2hr time frame. Last few sessions ended up in sideways mode retesting near the channel’s support line, where the market is expected to revise the trend to bullish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance level holding near 48280. The positive rally could be extending all the way up to 48450-48600 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. Key support holds near 47800.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Right angled ascending broadening wedge” pattern in hourly time frame. Last few sessions ended up in sideways mode, where the market is expected to revise the trend to bearish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks below a key support level holding near 47960. The negative rally could be extending all the way up to 47800-47700 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. Key resistance holds near 48180.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in 4hr time frame. Last session ended up retesting near the channel’s support line, where the market is expected to revise the trend to bullish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance level holding near 48240. The positive rally could be extending all the way up to 48400-48550 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. Key support holds near 47800.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in hourly time frame. Last session ended up in bearish mode near the channel’s support line, where the market is expected to revise the trend to bearish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks below a key support level holding near 48200. The negative rally could be extending all the way up to 48000-47850 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break below the support level, then it might retest the same and revise the trend to bullish/sideways mode. Key resistance holds near 48450.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in 4hr time frame. Last session ended up retesting near the channel’s resistance line, where the market is expected to revise the trend to bearish momentum as the prices have met a new high. The negative rally could be extending all the way up to 48400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above the new high, stiff resistance level holding near 48800, then it might continue to bullish/sideways mode. Key support holds near 48400.

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising wedge” pattern in daily time frame. Last session ended up in bearish mode retesting near the channel’s resistance line, where the market is expected to continue on bearish momentum based on the current price action. The negative rally could be extending all the way up to 47850 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance level holding near 48350, then it might revise the trend to bullish/sideways once again. Key support holds near 47850.