Gold Quant Analysis: 01/03/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in a daily time frame. Last few session 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 price breaks below key support holding at 32900. The negative rally could be extending all the way up to 32800-32700 levels in 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 33200-33350 levels. Key resistance holds at 33350.