MCX Gold Forecast For Today [08-12-2022]

MCX Gold Forecast For Today: Gold Technical chart is showing a formation of the “Bullish Megaphone”, and we can see in the medium term that gold has been strong.

Although gold has been going through the consolidation phase in the last couple of sessions along with a few sideways movements while broadening gradually and it is still maintaining the bullish momentum, and in the last session it closed above 53900 levels giving strong support to the metal in the last session gold touched a high of 54033 and gave a closing near 53987, now we have to see now if gold will make an another higher high or will start moving to make a higher low, and as per the technical chart, we can see it’s a continuation pattern we have to see if it tries to break out of the pattern or follow the pattern, the key resistance is placed at 54216 and the key support is placed at 53703, in today’s session, it is expected for gold to trade in these ranges.

MCX Gold Tips For Today

  • Buy if able to sustain above 54087 and not break below it, then buy for targets of 54161-54227, keeping an SL of 53907.
  • Sell if it breaks below 53849 for the targets 53763-53620, keeping an SL of 53915.

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