MCX Gold has been trading higher since the beginning of June month. The rise has been absolutely in sync with our wave counts. Recently we were able to capture the rise of more than 1000 points just in one session with the help     of Elliott wave and simple channeling 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 20^th June, 2019)

MCX Gold August 60 min chart: (Happened as on 20^th June, 2019)

 (Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)

Anticipated as on 20^th June, 2019- On the daily chart we can see the MCX Gold formed a bullish engulfing pattern. A break above the immediate resistance level of 33300 will bring in buying pressure. Currently the prices are making a move towards the upper trendline of the channel.

On the hourly chart we can see the prices taking a support at the 33000 levels. If this support is held on a closing basis we can expect the prices to re-enter the channel area and move higher towards the 33600 levels. As per the wave theory we seem to be moving in the form of wave v on the upside.

In short the trend for MCX Gold seems to be positive with the resistance placed at 33300 and the support placed at 32800 levels. A break above the resistance level will take the prices higher towards the 33600-33800 levels.

Happened as on 20^th June, 2019-  Prices moved just as expected and hit a high near 34068 levels on 20^th June, 2019.

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