Gold Quant Analysis: 13/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 bearish in trend along with some corrections inside the channel, where the market is expected to continue on bearish momentum. The continuation of the trend will be confirmed once the prices break below key support holding at 32820. The negative plunging could be plummeting all the way up to 32700-32600 levels in the upcoming sessions. An alternate scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to BULLISH once again. The upside rally could test up to 33000-33150 levels. Key resistance holds at 33150.