Gold Report

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up sideways after retesting near the channel’s support line. Based on the current price action, market is expected to continue on bullish momentum once the same breaks below the key resistance level holding near 49750. The upside rally could possibly test up to 50050-50400 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 49500. A slide to 49200-48900 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up bullish after retesting near the channel’s support line. Based on the current price action, market is expected to continue on bullish momentum once the same breaks below the key resistance level holding near 50000. The upside rally could possibly test up to 50300-50650 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 49400. A slide to 49050 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling wedge” pattern in 4hr time frame. Last few sessions ended up bearish testing near the channel’s support line. 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 48900-48700 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 50000. A slide to 50200 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Right angled descending broadening wedge” pattern in 4hr time frame. Last session ended up sideways after retesting near the channel’s support line. 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 50500. The upside rally could possibly test up to 50850-51150 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 50200. A slide to 49850-49550 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up bearish testing near the channel’s support line. 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 50300. The downside rally could possibly test up to 50000-49600 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 51200. A slide to 51700 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in hourly time frame. Last few sessions ended up sideways after retesting near the channel’s support line. 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 51800. The upside rally could possibly test up to 52000-52150 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 51640. A slide to 51400-51250 is also a possibility if the price makes or break below the current support level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up sideways testing near the channel’s support line. 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 51300. The downside rally could possibly test up to 51000-50700 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 52200.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Falling wedge” pattern in 4hr time frame. Last few sessions ended up sideways after retesting near the channel’s resistance line. 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 51700. The downside rally could possibly test up to 51400-51100 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 52000. A slide to 52300-52600 is also a possibility if the price makes or break above the current resistance level.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up sideways after testing near the channel’s support line. Based on the current price action, market is expected to continue on bearish momentum. The downside rally could possibly test up to 51300-51000 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above the key resistance level holding near 51950, then it might revise the trend to bullish/sideways mode once again. A slide to 52300-52600 is also a possibility if the price makes or break above the current resistance level. Key support holds near 51000.

Technical outlook

MCX Gold Oct futures technical chart has taken the formation of “Rising wedge” pattern in hourly time frame. Last few sessions ended up sideways after testing near the channel’s support line. Based on the current price action, market is expected to continue on bullish momentum. A break above the key resistance level holding near 51850, could possibly test up to 52100-52400 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 resistance holds near 51650. A slide to 51350-51100 is also a possibility if the price makes or break below the current support level.