Understanding the trend of MCX Gold with application of Advanced Elliott wave which is Neo wave, channels and moving average!
Trading is all about knowing the market, following the market and accordingly one should form trading strategies. To know the market we use different kinds of techniques such as Elliott wave, Neo wave, Time Cycles which helps to analyze which pattern is under formation. Such techniques can provide high probable trade setup with favorable risk reward ratio. Below we have shown part of research taken from “The Commodity Waves Short Term Update”.
MCX Gold June 60 min chart:
(Part of research published in today’s report)
In the Fridays trading session high volatility was witnessed in Gold in which prices first moved higher towards 29000 and post that reversed on downside towards 28670 level. This has given negative close and suggesting that upside momentum is failing to generate on upside.
As shown in 60 mins chart, prices are testing the blue channel support and that too with strong momentum. This indicates that there are high chances of breaking this channel. Move below … will indicate that weakness has started to build up in this commodity and also suggests that Neutral Triangle pattern has completed its course.
In short, Gold is at crucial juncture. Move below ….
To know the in-depth research on Gold, Silver, Copper and Crude subscribe to “The Commodity Waves Short Term Update”