Gold Quant Analysis: 18/03/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. last session ended up bearish in trend after few consolidations 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 a key support holding at 31750. The negative rally could be extending all the way up to 31700-31600 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 32000-32200 levels. Key resistance holds at 32200.