MCX Gold and Flat pattern

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 MCX Gold daily chart

Analysis

MCX Gold has shown good bounce from the lower levels of sub 58000 and from there it has shown signs of reversal. The yellow metal is in stealth up trend as none of the previous lows are taken out there by indicating that the trend is firmly positive.

As per Wave theory, prices are moving in wave iv after extended wave iii. Wave iv is likely to kill time where in it has completed wave a near to 58000 levels and has already opened wave b of wave iv which can go till 80% (minimum) and 123.6% -138.2% (maximum) possibility. As of now I think it can go till 61500 levels to 61800 levels which is 80% retracement of the previous fall.

The summation is MCX Gold is positively poised from current levels, it is expected to move near to 61500-61800 levels over short to medium term.

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