Gold Quant Analysis: 14/Feb/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last session ended up bullish in trend after few negative rallies 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 33100. The positive rally could be extending all the way up to 33150-33250 levels in the upcoming sessions. An alternating 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 32900-32800 levels. key support holds at 32800.