It is often said that Gold acts as a safe haven when Equities witness downfall and we can actually see this happening. But above that its Wave counts that give early confirmation which asset class is going to falter early and where can we eye for a positive or negative trend.
MCX Gold witnessed a strong uptrend and touched its lifetime highs near 37000 levels. We were able to hint towards the emerging upmove even before it began just with the help of Elliott wave. The outlook was bullish anyways and the wave pattern was already suggesting this as we mentioned in our monthly report.
Now below chart was published in “The Financial Waves Monthly update” with detailed analysis:
MCX Gold weekly chart: (Anticipated as on 09th July 2019)
MCX Gold hourly chart: (Happened so far….)
(Below is the extract of research from the Monthly report published in “The Financial Waves Monthly update”)
Anticipated as on 09th July 2019-Gold in terms of INR has continued to move higher and has been moving in the blue channel. However, we are yet to see a strong trend here but overall tone has been bullish. As per wave theory price is moving in wave (5) of primary degree which is unfolding in the form of an ending diagonal. We will keep this as the preferred scenario and move above 35000 will further validate our positive outlook. This combined with independent outlook on COMEX Gold suggest positivity.
In short, Gold overall tone looks to be bullish for MCX. 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 break above 35000 to take price higher towards 37500 levels over time.
Happened so far…. – MCX Gold witnessed strong upmove from the beginning of August month and made a high of 36990 on 05th August. The hourly chart shows that this could be the beginning of wave (iii) and prices could possibly rise higher.
For long term view, subscribe to our monthly report under the name of “The Financial Waves Monthly Update”. Get access here
You can subscribe to the Intraday / Positional calls on commodity and get detailed research along with it explaining the clear technical picture using Elliott wave, indicators and much more. Get access here