MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up bearish in trend after few negative rallies 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 key support holding at 32300. The positive rally could be extending all the way up to 32400-32500 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The downside rally could test up to 32100-31900 levels. Key resistance holds at 31900.
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