PL Technical Research: TECHNICAL VIEW : - MCX : - GOLD DAILY CHART

PL Technical Research:Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

TECHNICAL VIEW : - MCX : - GOLD DAILY CHART

MCX GOLD CMP: 60000 has been moving in a long-term channel pattern for some time. Last time it gave a strong rally towards an all-time high of 61850 level after a breakout, with a short correction towards 0.38% retracement, now again giving a rising wedge pattern Breakout. The RSI is well placed and has ample space on the upside to carry on the momentum still further ahead. We expect an upside rise in the coming days for a target of 65700 (1.61% retracement of the recent fall) and 70000 (2.618% retracement). The near-term support is maintained at 56,000 zones, and only a decisive breach below will negate our view.