MCX GOld feb fututres technical chart has taken the formation or “Rising Channel” pattern in daily time frame. Last few sessions ended up bullish. And the market is expected to continue on a bullish momentum.
The continuation of the trend will be confirmed once again when the rices breaks above the key resistance zone at 32200. The positive rally could be extending all the way up to 32300-32400.
An alternative scenario indicates that if the key resistance holds strong then the market might have a change to test the same again. And the trend could be reversed to bearish again. The downside rally could test up to 32000-31900 levels. Key support holds at 31900.
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