Gold at life time high what is next target?Dec 06, 2023
Gold at life time high what is next target?
Gold continued to move in strong uptrend and recently made new life time high near 64063 levels. Gold is following its own independent Elliott wave pattern and Time Cycle.
Elliott wave helps us to navigate the trend of the market. It has worked out well especially if you know how to apply the Elliott wave along with the Time cycle.
Look at below the charts and detailed research on MCX Gold taken from our Monthly research report – “The Financial Waves Monthly update”
Gold Weekly chart Anticipated as on 17th November 2023
Gold Daily chart Anticipated as on 17th November 2023
Gold daily chart with 51 Days Time cycle Anticipated as on 17th November 2023
Wave Analysis as on 17th November
During the month of October Gold witnessed rally of more than 8%. The recent Israel-Hamas conflict and other global geopolitical tensions have increased uncertainty so investors are looking towards Gold as a security. So, as long as conflict persists, we can expect strong demand of Gold. Also, within a year Gold has surged more than 20%. During last year Diwali 2022 Gold was trading near 50200 levels. Currently it is trading near 60400 levels. So, we expect commodity to continue to shine in coming months.
MCX Gold Neo Wave perspective on Weekly chart: As per wave perspective, in the mid of 2016 primary wave (4) completed and since then the entire rise that we are witnessing is in form of primary wave (5) In the first quarter of 2022, intermediate wave 4 of primary wave (5) finished its course, wherein minor wave ii has completed on the downside and the recent up move that we are witnessing is in form of wave iii.
On the Weekly chart, Gold is following the multiyear channel really well. Whenever prices reversed from channel support then an upside rally was seen. Recently, after reversing from the lower end of the channel now prices have shown a good steep rally.
On the daily chart we have plotted 51 Day’s Time Cycle which has helped to determine crucial reversal areas. We can see in the above chart which clearly suggest that how cycle has worked out well for catching lows most of the time. Upcoming cycle is due on 29th November. So, we expect some sideways action or some weakness in this commodity. After which we can expect a fresh buying which can lift the price higher towards 61500 levels.
In nutshell, medium term outlook for Gold looks positive. However, after a sharp rally of more than 8% since October, we can expect some profit booking. If prices manage to give a close above 61000 then we can expect a rise in this asset with the targets of 61500 followed by 62000. On the downside 59600 can act as a support.
Gold Daily chart Happened as on 6th December 2023Prices moved precisely in sync of our expectations and as mentioned since it was an impulsive rise, we achieved our target of 62000 levels. Gold moved much beyond it and made a fresh record high of 64063. We have been able to capture movement of more than 7% in less than a month of span.
Currently we are witnessing some profit booking and we can expect short term correction towards 61900-61700 levels. After which, we can expect fresh leg on the upside with the targets of 64100 followed by 65000.
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