The MCX Gold Price recently surpassed its previous all-time highs from May 2023, reaching around 61,850. The market had been following an upward trend since the beginning of the year, marked by the breakout of an ascending triangle. However, from May 2023 onward, prices entered a consolidation phase. This consolidation was broken last week, resulting in a robust weekly and monthly close, signalling a potent bullish momentum.
According to Fibonacci extension levels, the immediate resistance stands near 63,580. If breached, the bulls may set their sights on the triangle breakout objective at approximately 67,000. The earlier resistance level of 61,850 now transforms into a crucial support and buying zone. Notably, a robust support level lies around 59,400. A drop below this level could shift the view to a more neutral stance.
In summary, the MCX Gold Price has experienced a breakout from its consolidation phase, and the technical indicators suggest a strong bullish sentiment. Traders will be closely monitoring the key resistance levels at 63,580 and 67,000, while the support levels at 61,850 and 59,400 are crucial for maintaining the current bullish outlook.
