MCX Gold:- Gold price drops -0.54% to 31765 by the end of Tuesday trade. On a longer time frame, Gold prices are trending in a broadening wedge pattern. The widening range placed resistance at the level of 32400 and support at the level of 31000.
Whereas on short to medium time frame, Gold prices are trending downside in a downward trending channel, and it may face resistance at the level of 32000-32400 to the higher side and below the nearest support level of 31700, it may test 31400-31000 in the short run.
The federal reserve scheduled to announce the policy today expected to keep the interest rate unchanged may push the prices up in the near term.
On an intraday trading basis, the gold price may go for a mute session. The gold price has immediate support at 31700 and below that, it may test 31620-31570. Whereas it has the nearest resistance at 31770 above this it may rally upside to the level of 31820-31860.
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