Comex Gold and MCX Gold often move together and it is observed that a rise in Comex Gold results to rise in MCX gold. But is it always true?
MCX Gold has direct relation with Comex Gold but due to the movement of Indian Rupee against US dollar we can see that movement of MCX Gold is currently inverse to that of Comex Gold. These are interesting times and that is why it is important to know the independent Elliott wave structure of each of these.
In yesterday’s trading session where Comex Gold witnessed a selling pressure and made a low of $1320 levels, on the other hand MCX Gold witnessed buying and made an intraday high near 31430 levels.
Look at the below chart of Gold from “The Commodity waves short term update” a daily research report
MCX Gold June 60 mins chart:
Below is the Comex Gold chart published in our Global research report
Comex Gold 60 mins chart:
Below is our research published in today’s morning research report
MCX Gold witnessed some buying in the previous trading session and made a high near 31430 levels.
As shown in hourly chart, prices are moving in the form of wave c of wave ii. Prices have broken its lower trendline which is usually witnessed in wave ii formation. In previous trading session Gold managed to retrace the last fall by 50% however it needs to give a decisive break above 31550 levels which will confirm that wave ii has completed on downside and next leg on upside in form of wave iii is ongoing.
In short, trend for Gold is positive with important support placed at …. levels and move towards …. can be expected.
The above is part of the research published from “The Commodity Waves Short Term update” that covers MCX Gold, Silver, Crude and Copper. If you would like to combine it with short term trading strategy and recommendations on Global markets you can get access to our “Global Report“ which is a product providing detailed technical analysis on DJIA, Comex Gold, Comex Silver and EURUSD. Subscribe NOW