How does an increase in cold working effect Modulus of Elasticity and why?

There is a decrease in modulus of elasticity

Explanation:

Young's Modulus of elasticity also known as elastic modulus is the deformation of a body along a particular axis under the action of opposing forces along that axis. at atomic levels, it depends on bond energy or strength.

In cold working processes, plastic deformation a metal occurs below its re-crystallization temperature due to which crystal structure of metal gets distorted and as a result of dislocations fractures also occur resulting in hardening of metal but bonds at atomic levels defining elasticity are temporarily affected.

Thus an increase in cold working results in a decrease in modulus of elasticity.