MCX Gold Guinea is following a parallel channel since August 2020. Recently, it has touched the support trendline and started moving forward. Will it keep moving? How much? It will keep running for 37600 – 38000 levels.
But according to MA, Gold Guinea should keep falling. And for the following levels: 36800 – 36400 – 36000
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First, wait for a clear ascending triangle form. Right now, MCX Mentha oil at the support trendline (rising lower trendline). It will try to hit 964 – 986 – 1000 – 1020 levels from here. Intraday traders can go with the current trend.
But don’t buy below the support trendline. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
LONG-TERM INVESTORS:
Copper has broken March 2020 resistance trend line, and true resistance breakout is a clear signal to buy. Target prices for long-term traders: 760 – 800+
INTRADAY TRADERS:
But at present, MCX copper can pull back to the previous resistance line to continue an uptrend. So, intraday traders can sell for the following targets: 690 – 680 – 676
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As expected, gold has started collapsing after a breakout of the test level. Will it keep falling?
First, click here and read the previous article on gold: When Will MCX Gold explode?
Today’s Gold Chart →
I have written in clear words, “If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200“.
Gold has touched the first three targets by making a low of 45861. Profit per lot Rs.2,10,000
Anyway, what next? Gold can take a U-turn from here. This can be up to 46760 levels. Overall, it’s under a downtrend.
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Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.
Targets: 46860 – 46600 – 46000 – 45660 – 45200
Alternative scenario: If gold remains above 0.5, it may try to hit 0.382 (TP: 48260 – 49000+).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a strong uptrend after hitting the support.
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Main scenario: consider long positions from the control price or support trendline for the target level of 1000 – 1040 – 1080 – 1100 – 1110.
Analysis: Daily time frame – presumably, the crude palm oil has started an Elliott wave and made the 4th wave, and now it’s making a fifth wave. According to EWT, the fifth wave will be completed at 61.8% or 50% of Fib retracement 1+3.
Alternative scenario: breakout and consolidation below the support trendline will allow the CPO to continue declining to the levels of 880 – 760.
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