Gold Quant Analysis: 15/Feb/19

MCX Gold April futures chart has taken the formation of “Ascending broadening broadening wedge” pattern in 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 33150. The positive rally could be extending all the way up to 33300-33400 levels in the coming sessions. An alternative scenario indicates that 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 plunging could plummet down to 32950-32800 levels. Key Support holds at 32800.