Gold Quant Analysis: 08/04/19

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 continue on bearish momentum. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 31450. The negative rally could be extending all the way up to 31400-31300 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 31600-31700 levels. Key resistance holds at 31700.