MarketWatch Gold MCX Update:
Gold Feb futures technical chart has taken the formation of “Ascending channel” pattern in the 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 break below the key support holding at 32050. The Bearish market could probably plummet gold prices all the way down to 31950-31800 levels in the upcoming sessions. An alternate scenario indicates if the key support holds strong then the market might retest the same, revise the trend to bullish once again. The Bullish rally could surge the gold prices up to 32300-32400 levels. Key resistance holds at 32300.
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