Gold Quant Analysis: 20/Feb/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in the daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 33950. The positive rally could be extending all the way up to 34100-34200 levels in the upcoming session. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 33800-33650 levels. Key support holds at 33650.