Gold Quant Analysis 02/04/19

MCX Gold June 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 the trend will be confirmed once the prices breaks below a key support holding at 31750. The negative rally could be extending all the way up to 31600-31500 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 up to 31900-32000 levels. Key resistance holds at 32000.