Gold Quant Analysis: 28/Feb/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 bearish in trend along with some corrections inside the channel, where the market is expected to continue on bearish momentum. The continuation of trend will be continue on bearish momentum. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 33280. The negative rally could be extending all the way up to 33200-33100 levels in the upcoming sessions. An alternative scenario indicates that if the upcoming sessions. An alternative 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 33450-33600 levels. Key resistance holds at 33600.