Technical outlook:
MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in hourly time frame. Last session ended up retesting near the channel’s support line, where historical high is met. Based on the current price action, market is expected to continue on bullish momentum. The upside rally could be testing 53420 and further levels, once break above the current resistance holding near 53250 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 52800.
Research Report Call:
Buy above 53250 target 53420-further stop loss TRAILING; If break below 53100 then Sell, target 52950-52800 stop loss 53250