MCX Gold Elliott Wave Analysis

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 MCX Gold hourly continuous chart


Analysis

From the above chart, MCX Gold has moved above the falling channel thus giving bullish break. The yellow metal has also started forming higher highs and higher lows thus discontinuing the negative formation.

In the lower panel, MFI has started picking up from the oversold zone which will support the prices go gold going ahead.

As per wave theory, gold is moving in wave c where it is on the brink to complete wave iv and open wave v which can push prices near till 53000-53200 levels.

The summation is MCX Gold can soar till 53000-53200 levels over short term with support placed at 52030 (closing basis).


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