MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline (TP: 159 – 156).
According to this chart, aluminum will not stop here. It is further advance up to 168 – 172 – 176 levels.
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Copper has made the Bullish Elliott wave on the daily timeframe. It’s completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it’s still making it. MCX copper has to cross 585 – 580 – 560. After that, it will rise for a short period to make the B. And it will fall again to make C. But all over, it’s an uptrend.
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Natural gas started to make the head and shoulders pattern on the daily timeframe. First of all, let’s understand some basics about the head and shoulders pattern. Here, it’s a bearish head and shoulders pattern. In this pattern, the trend starts with the uptrend and makes the left shoulder, head, and the right shoulder. And after the completion of the right shoulder, it falls by breaking the neckline.
In this chart, the trend completed the left shoulder, and the head is almost there. And then it will create the right shoulder. It will fall up to the neckline to complete the formation of the head. And the targets to reach the neckline are as following 180 – 175 – 168.
After hitting the neckline, the next step of natural gas will be the right shoulder. As per the rules, the right shoulder can be similar to the left shoulder or, it can be at a higher level than the left shoulder. Because the left shoulder is at 203, the trend will march again to 203 to make the right shoulder. To reach 203, natural gas will hit 180 – 190 – 200.
And then the trend will take reversal and fall by breaking the neckline.
Targets: 195 – 185 – 175.
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MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 51000 – 52000 – 52384 levels at the beginning of 2021.
And if gold breaks the parallel channel and retracement value of 0.618, it will become unstoppable and hit the following levels: 48800 – 47800 – 47296 – 46000 – 45196
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Silver has broken the dynamic resistance & triangle formation. According to MA, EMA, & DMI, silver will run to reach 68800 – 69000 levels.
It will start falling after breaking the hurdle/support line. How much? 68000 – 67600 below.
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This is MCX Gold 15 minutes chart (Heikin Ashi). It is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 – 50120 – 50200.
According to MA, EMA, and DMI, it’s bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 – 49800.
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