MCX Gold has been trending upward since the beginning of June month. The rise has been absolutely in sync with our wave counts. Recently we were able to capture the 800 points upmove just in few hours of the session with the help of Elliot wave and channelling technique.
Below is the chart with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Gold August 60 min chart: (Anticipated as on 05th July, 2019- Morning 10 am)
MCX Gold August 60 min chart: (Happened as on 05th July, 2019- Afternoon 1pm)
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 05th July, 2019 — Morning 10 am – On the hourly chart we can see the prices moving lower towards the 34040 levels to take a support. If this level is held on a closing basis we can expect the prices to continue its uptrend and test the level of 34900.
In short the trend for MCX Gold seems to sideways to positive with immediate support placed at 34040 and the 34500. If the level of 34040 is held on a closing basis we can expect the prices to test the level of 34900 or higher.
Happened as on 05th July, 2019 – Prices moved just as expected and made an intraday high near 35100 levels on the same day of publishing the report.
The above analysis shows how well supports and resistance work with Elliott wave analysis and we have a proven track record for the same. Get to know what will be the next move of Gold, Silver, Crude and other metals you can subscribe to our research report published daily under “The Commodity Waves Short Term Update.”
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