MCX Gold Elliott Wave Analysis

 MCX Gold daily continuous chart


MCX Gold hourly continuous chart


From the above daily chart, the yellow metal is moving in lower highs and lower lows and it is precisely moving in a falling channel. From past one week, there is resilience from the lower end of the falling channel. To understand it clearly, I have applied Keltner channels. In the chart, the bands have started changing the direction from negative to positive and prices are above the bands, which is a positive sign. There is a high possibility for prices now to test the resistance of the channel. However, RSI is close to the overbought terrain.

In hourly chart, after giving a bullish break in a small falling channel, prices continue to soar and can also surge going ahead. However, there are chances for a minor correction in this counter which can drag prices near to 46000-45700 price zone. Once there is a correction, prices are bound to climb back.

From Waves perspective, gold is either moving in wave x or in wave i of next correction. In both the scenario prices are expected to reach 48100 levels. If it is wave x, the channelize move is likely to continue, if not then there will be a breakout in the falling channel.

The summation is MCX Gold has a support level placed at 46000-45700 levels which can be utilized as a buying opportunity for the level of 48100 over short to medium term.

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