Mcx Gold Feb Futures’s chart has been in the formation of rising channel pattern in the daily time frame since the starting of this year. Last few sessions have been bullish. And the markets are expected to continue on bullish momentum.
The continuation of the bullish trend will be confirmed when the prices break above key resistance zone at 32300. The positive rally could go up to 32400-32500 levels in nearby sessions.
An alternative scenario shows that if the key resistance holds strong, the markets might have a chance to reverse the trend. This may revise the trend to bears once again. The negative rally could go way down to 32200-32100 levels.. While key support holds at 32100 levels.
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