Gold Quant Analysis: 5 Feb ’19

MCX Gold April futures technical chart has taken the formation of ”Ascending broadening wedge” pattern in the daily time frame. The last session ended up bearish in trend in after few positive rallies inside the channel, where the market is expected to continue on bearish momentum. the negative rally could be extending all the way up to 33300-33200 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 33600 that it might revise the trend to bullish once again. the upside rally could test up to 33700-33800 levels key support holds at 33200.