Gold Quant Analysis: 13/03/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up sideways in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The positive rally could be extending all the way up to 32100-32200 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 31900 then it might revise the trend to bearish. The downside rally could test up to 31800-31700 levels. Key resistance holds at 32200.