Gold Quaint analysis: 08/Feb/19

Gold Quaint analysis: 08/Feb/19

Mcx gold April futures technical has taken the formation of ”Ascending broadening wedge” pattern in dally 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 price breaks below a key support holding at 33100. The negative rally could be extending all the way up to 33000-32900 level in the key upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the some and revise the trend to bullish ones again. The upside rally could test up to 33350-33500 levels. Key resistance holds at 33500.