Gold Quant Analysis: 03/04/19

MCX Gold June futures technical chart has taken the formation of “Rising channel” 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 bearish momentum. The continuation of the trend will be be confirmed once the prices breaks below a key support holding at 31650. 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 the same revise the trend to bullish once again. The upside rally could test up to 31900-32000 levels. Key resistance holds at 32000.