MCX Gold Elliott Wave Analysis and Inverse Cup and Handle pattern

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 MCX Gold daily continuous chart


MCX Gold hourly continuous chart


As shown in the above daily chart of MCX Gold, prices have given a fresh breakout from the falling trend line and it is above the horizontal line which also completes the bullish cup and handle pattern. During the breakout, prices were accompanied by above average volume which is a positive sign and it is now clear that prices will move in a positive direction from here as far as all the important supports are intact. Prices can continue to move in a sideways pattern due to fewer vacuums for RSI.

By seeing hourly chart, prices are persisting in a rising channel and it has shown resilience from the horizontal line as well as the rising trend line. RSI has reversed from the oversold terrain and can reach towards to overbought.

From waves perspective, prices are moving in an impulse fashion in which it has completed wave i and wave ii and now it has started moving in wave iii which is extended and it can start wave (v) of wave iii soon which can move towards 51000.

The summation is MCX Gold is in firm bull trend and can move towards 51000-52000 as far as 47700 is intact on the downside.

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