First, read yesterday’s gold call report: Expectations For Higher MCX Gold Prices (15M Elliott Wave)
I had written at 11:56 AM, “Support: 46400 – 46360
Targets: 46800 – 47000 – 47200“.
Gold call all targets has come. What else you want?
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Support: 46400 – 46360
Targets: 46800 – 47000 – 47200
A breakout of the parallel line means downfall. Beware of fake out. It can fall the prices around 46100 – 46060.
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As per vol spike and stochastic RSI sign, gold will perform downside. It could hit 44000 – 43860 levels.
Keep your eyes peeled at 45300 levels. Above it, 46500 – 47300+ levels are waiting. Intraday traders can use it as a hurdle.
Don’t forget to note down fake out.
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The 3-impulsive Wave was considered extended with 316% of the 1-Wave included numbers of gaps. A, B, C, and D is a parallel channel of the 4-wave. The price was traveled to approx. 38.2 retraced from 3-wave.
The 5-wave minor crossed of 3-wave on the account of extended move seen 3rd wave.
We then came down to the level marked wave 4, but I have put a question mark there. This is because there is a small chance that we are in the middle of a complex correction, and so wave 4 might have finished at the point where I have tentatively placed the number (A) to the right. As far as the investor is concerned, he should have gotten out of this stock at the point marked wave 5 top because that was as high as one could ride his luck in an extended fifth wave. In the not too distant future, we should expect Gold to be dumped and for it to reach the low 41000 levels.
Attention: it can surge for 49000 to 50000 after a breakout of wave fifth top.
Check the previous chart (27 April 2020) to know more.
Link: MCX Gold vs. Crude oil – Tips & Update
…and also refers to the 11 May 2020 article: MCX Gold Long-Term Trend Analysis & Tips (As mentioned, the gold made the final rally and hit 48000. What else you want?)
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