MCX Gold post making a 6 months low near 29300 has shown a positive reversal and is sustaining the upmove. It is possible to capture such reversals using simple techniques like channels, moving averages coupled with Elliott Wave.
We have successfully captured the move form 30000 towards 30210 levels in our daily report “The Commodity Waves STU”
MCX Gold Oct 60 min chart: Anticipated as on 24th August morning
MCX Gold Oct 60 min chart:( Happened as on 28th August)
(Below is an extract of write-up taken from the research report)
On daily chart, prices are quoting near important resistance trendline break above and close above 30000 will further extend the rally on upside.
As shown in 60 mins chart of MCX Gold, wave (c) looks to be completed on downside near 29250 levels. Prices have broken the multi-month channel and are now sustaining above upper trendline which indicates that momentum is building on upside. Also its 50-periods EMA which was acting as resistance is now providing as support keeping the bias positive.
In short, trend for MCX Gold is positive. Break above 30000 can take the prices northward towards 30200 levels if prices fail to break 30000 on upside range-bound movement can be expected.
Happened: Prices moved exactly as expected and made a high near 30210 levels.
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