Our outlook was bullish anyways and the wave pattern was already suggesting this. COMEX Gold has been moving in an impulsive fashion from the low of 1200 levels and this rally still seems to be going strong.
We have shown detailed Elliott wave pattern for both Gold in INR and USD terms. Gold is moving higher in both the currency pairs but showing a stronger impulsive rise in INR and overlapping rise in USD.
Look below the chart and detailed research on MCX Silver taken from our Monthly research report – “The Financial Waves Monthly update”
MCX Gold weekly chart (updated chart till date)
COMEX Gold weekly chart(updated chart till date)
(Below is the extract of research from the Monthly report published in “The Financial Waves Monthly update”)
Elliott wave perspective: COMEX Gold is now under Complex Correction pattern as of now wave (X) is ongoing on upside. Prices are forming Flat correction pattern within this wave (X). Post wave (b) impulsive movement is being witnessed in form of wave (c). This wave (c) has now achieved equality to that wave (a) and now further break above 1600 will extend this up move further.
MCX Gold: Gold in terms of INR has continued to move higher and has broken above the blue channel. As per wave theory price is moving in wave (5) of primary degree and price is moving in the form of wave 3 within it which suggests an overall bullish outlook. This combined with independent outlook on COMEX Gold suggest positivity.
In short, Gold overall tone looks to be bullish both for MCX and Comex. It is best to use any dips as buying opportunity in this asset and any downward movement in global equity markets might provide further positive thrust to this asset class. For MCX Gold we can expect price to move higher towards 43000 levels over time.
Happened: Prices moved precisely in sync of our expectations and as mentioned since it was an impulsive rise we achieved our target of 43000 levels. Further it made its new highs near 44778 levels
So in the upcoming Become Market Wizard comprising of two modules – Master of Technical analysis (MOTA) and Master of Waves (MOW) which will ensure you can learn right from the important indicators to the Elliott wave levels. You can simply register here
You can subscribe to the Intraday / Positional calls on commodity via SMS, WhatsApp and get detailed research along with it explaining the clear technical picture. Subscribe Here
You can see below the intraday/ positional calls given in 2 days of time and achieved targets consecutively.
Call given on 03/03/2020 1.05pm – GOLD FUT BUY ABOVE 42190 SL 42120 TGT1 42220 TGT2 42295
TGT1 achieved at 1.25pm- GOLD FUT BUY CALL GIVEN TGT 1 ACHIEVED AT 42220
TGT2 achieved at 4.21pm- GOLD FUT BUY CALL GIVEN TGT 2 ACHIEVED AT 42295
Call given today morning 10.05am- GOLD FUT BUY ABOVE 43535 SL 43465 TGT1 43565 TGT2 43640
TGT1 Achieved at 10.17am – GOLD FUT BUY CALL GIVEN TGT 1 ACHIEVED AT 43565
TGT2 Achieved at 10.25am – GOLD FUT BUY CALL GIVEN TGT 2 ACHIEVED AT 43640