MCX Gold to test 27k?

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Gold prices have started soaring from the month of January 2016 and it seems it will continue to move higher. Gold prices in US (XAU) has formed a basing formation and probably have started to move in positive direction on the expectations that FED will not hike the interest rate in the month of January 26th & 27th 2016 thus rising the demand for safe haven.

MCX Gold has also bounced  from crucial support of 24,937 and moved till 26,123 in five trading days. Technically it bounced from the lower end of the falling red channel. Now it can move higher to test the level of 27,000 which is the resistance of the channel.

As per wave theory, the yellow metal is moving in a triple corrective pattern (a-b-c-x-a-b-c-x-a-b-c). In this case it has completed the second counter trend which is wave x on 21st August 2015 at 27,833 followed by wave a at 24,937. Currently it is moving higher in the form of wave b which can move near or closer till 27,000.

In short, expect prices to move in a positive direction and test the level of 27k over short term.

Gold Daily chart 1st month contract.


Comments

Phani Kumar said…
Hey, thanks for the information. your post s are informative and useful.
Suratwwala IPO
5 August 2020 at 14:44
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