MCX Gold has managed to shine again after recovering from its lows of 31000 levels. We were expecting prices to break its resistance levels. COMEX Gold has been taking an important resistance near 1295 levels. This up move witnessed by MCX Gold is because of rise in USDINR currency pair from the lows of 69.40 levels.
Below is the chart showing detail analysis of how we able to capture short term swing on upside in this range-bound market using Elliott wave theory.
MCX Gold Feb 60 min chart: (Anticipated as on 15th January 2019)
MCX Gold Feb 60 min chart: (Happened as on 16th January 2019)
(Below is the gist of analysis taken from our daily equity report published on 2nd of January, 2019)
As shown on daily chart, prices have arrived near crucial juncture if break above 32200 is witnessed on closing basis it will indicate completion of wave f on downside near 31000 levels and this upmove witnessed is in form of wave g.
As shown on hourly chart, prices are testing its important resistance zone placed near 32200-32300 levels but managed to close near 32180 levels. We can expect one minor push on upside as wave (c) is ongoing. Also its 50-periods EMA has managed to capture major trends and is now acting as support on downside keeping the tone positive. Break above 32200 can take the prices towards 32300 levels. In short, prices have arrived near crucial juncture. The next level to watch on upside is 32200 and on downside is 31750 levels.
Happened: Break above 32200 can take the prices towards 32300 levels. BANG ON!! Prices have moved northwards as expected giving a break above 32200 levels and surged towards higher levels of 32350.
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