Understanding the trend of Gold with the application of Elliott wave, Channels and Moving average!
Precious metals Gold and Silver has been showing strong uptrend and in this Gold has tested the psychological level of 30000 after many months. This is suggesting technically medium term reversal and now we should continue to see buying pressure in Gold over next few weeks. However one should not get carried away and should follow objective technical tools for the trading and investments. Below we have shown research on Gold which is taken from “The Commodity Waves Short Term Update”.
MCX Gold Continuous Daily chart:
MCX Gold Oct 60 mins chart:
(Part of research published in today’s morning)
“In the previous trading session Gold moved higher and post the same consolidation was witnessed at higher levels. This is going to keep trend on positive side.
On daily chart we can see that prices have continued to form positive bars and it is protecting the low of prior bar. So as long as this continues bias will remain on upside.
As shown in 60 mins chart, prices have been intact in upward moving channel and as of now it has been trading above the middle channel resistance. This suggests that prices are moving higher in expanding form and hence any dips is going to provide buying opportunity with 29450 as important support on downside.
In short, Gold trend remains on upside and prices are expected to move higher towards … level where channel resistance is placed.”
To know the medium term trend of Gold, Silver, Copper and Crude, get access to “The Commodity Waves Short Term Update” which covers in-depth research from Elliott wave perspective.