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Published on 20/05/2019 10:04:44 AM | Source: Enrich Commodities India Pvt Ltd

Gold key resistance holds at 32000 - Enrich Commodities

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Gold

Technical outlook

MCX Gold futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up bearish in trend along with some corrections inside the channel, where the market is expected to continue on bearish momentum. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 31700. The negative rally could be extending all the way up to 31600-31500 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 revise the trend to bullish once again. The upside rally could test up to 31900-32000 levels. Key resistance holds at 32000.

Technical Chart:

 

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