MCX Gold: Neo Wave Diametric Pattern

 MCX Gold 60 mins continuous chart


From the above chart, prices are moving in a sideways direction and it is important that there is a trending move in either direction. Gold and Dollar Index moves in opposite direction. With strengthening in Dollar Index, gold will lose its shine.

The short to medium term is negative as it is moving in a lower high and lower lows and precisely in falling channel. Currently the yellow metal is hovering near the resistance of the falling trend line and it is important for price to reverse from current juncture.

As per Wave theory, prices have completed wave a in complex correction and currently it is moving in wave b in diametric pattern. Once wave b is over wave c on the lower side will start which can drag prices till 49500-49200 levels.

The summation is MCX Gold is negatively poised and can falter near till 49500-49200 levels over short term.

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