Gold at Lifetime Highs, Crossed 60k! What is Next?

elliott wave gold mcx gold Mar 21, 2023
Gold at Lifetime Highs, Crossed 60k! What is Next?

Like this Article? Share it with your friends!



Gold in INR has continued to move up strongly and touched lifetime high levels. But is it right time to Buy Gold?

Let us first look at the research published on 1st March 2023 mentioning Gold – Will it Glitter Again? Time + Neowave – here is the link to that article

Below is a short video from 11th March Webinar.

Gold chart from research in September 2022

MCX Gold chart shown on 1st March 2023

Happened: (as on 21st March 2023)

Gold has shown exponential rise and touched lifetime high levels above 60000 in this week.

First chart shows MCX Gold level when prices were trading near 49380 levels in month of September 2022. It was then GPS of the market – Elliott wave helped to forecast the future towards 59000 levels.

As shown in 2nd chart, Gold indeed formed a low completed wave 2 and started strong move on upside in form of wave 3 taking prices to 59000. From there the move on downside was only wave 4 and it was expected to start another leg on upside in form of wave 5 taking it beyond 59k. This research article was also published on 1st March 2023.

Happened: Gold started moving up sharply and crossed back above 60k in just few days of Time. The move on upside before it happened was again discussed much before it started in live webinar with 1000s of participants when Gold was only near 56k.

In a nutshell, Gold is showing impulsive rise as per Elliott wave and we can aim for targets of 62k as long as 56k is intact. Buy on dips is prudent strategy rather than buying on breakouts. Also in commodities 5th wave tends to be extended and so it is not completely ruled out that we can see much higher levels. Any move below 56k will indicate the uptrend is in danger but as long as the same is intact buy on dips with good risk reward is best way to ride the current trend in Gold.

Premium Telegram advisory calls – Subscribe to the Premium Telegram community with advisory calls and research reports under GUDIPADVA OFFER available only for limited time. Ensure to grab this opportunity to get offers with upto 50% less price. Check here.

Become Market Wizard (BMW) – Options Trading using Technical Analysis (OTTA) along with Master of Waves (MOW) both together forms combination of Trading Options using Volume profile, KST Indicator, Breakout techniques and forecasting future using Elliott wave, Neo wave. For Option Buyers clear 5 trade setups will be given in OTTA with Option selling strategies to generate passive source of income.Hurry Up! Early Bird Ends on 31th March 2023. Know more here