MCX Gold Feb futures technical chart has taken the formation of “Rising channel”pattern in daily time frame. Last session ended up bearish in trend after a gap up formation inside the channel, where the market is expected to continue on bearish momentum. The negative rally could be extending all the way up to 31000-30900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above the key resistance holding at 31200 then it might turn bullish once again. The upside rally could test up to 31300-31400 levels. Key support holds at 30900.
More will update soon!!
