MCX Gold and Elliott Wave Analysis

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 MCX Gold daily continuous chart

The yellow metal has shown immense strength over past 6 years. However, this year due to rate hike concerns Gold has shed most of the yearly gains of 2022. The rate hike is going to stay here for some time as far as inflation remains at 4 decades high. FED will ensure it comes close to their target of 2% which is not possible at least for a year to come.

Elliott wave suggests that prices have completed wave 3 around 60000 mark and there by in complex correction prices are moving in wave 4. Currently prices are moving down in wave y of wave 4 and can test 48000 or go even lower going ahead.


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