Gold losing its luster as per this pattern
Mar 02, 2021![Gold, neo wave](https://kajabi-storefronts-production.kajabi-cdn.com/kajabi-storefronts-production/blogs/2147485841/images/Htr1rYGrRAGCAhaBUIpy_gold.jpg)
It’s very easy to capture big moves in gold when using neo waves along with simple techniques like the channeling technique.
Look for yourself how our clients were able to capture a large move in gold yesterday which we mentioned about in our daily commodity report.
MCX Gold 60 min chart as published on 1st March 2021:
Wave analysis: the daily chart, Gold has been drifting in the form of wave (iv). In the previous session the commodity formed a red body candle and closed below the prior day low. As per the bar technique the short-term bias is bearish as long as the prior day high remains protected on a closing basis.
As seen on the hourly chart, wave (iv) is forming a diametric pattern and currently price is in wave g. Within wave g we can see that as of now wave (g) is ongoing. Any pullbacks can be used as shorting opportunity for a move up to 45500 levels.
In a nutshell, the trend for MCX Gold seems to be sideways to bearish. Use pullbacks as shorting opportunity for a move towards 45500 as long as 46320 hold on the upside.
MCX Gold 60 min chart as of 2nd March 2021:
Gold made a low of 44975 as of 2nd march and gave much more than the conservative target which we mentioned.