Commodity MCX / NCDEX / COMEX Market tips and forecast.
There are two hurdles to continuing the uptrend. It should break out the 5th May high or settle above the control line.
According to the above chart, Gold is forming a bullish flag pattern. And we’re waiting for a breakout of the flag pattern. This breakout will skyrocket the gold price, and we can see 6400+ points of bullish movement here. Long-term target for gold 58000 – 60000.
Did you read the gold report? If not, click the below link.
22 Feb 2022: MCX Gold’s Bullish Mode Activated
While the gold price at 50532, I had written, “we will see the gold price above 51160 – 51740“.
Today, it has touched the first & second target. Who bought it? Profit per lot: Rs.1,20,800
I have updated a full report of Nickel on Feb 6, 2022. Did you read it? If not, click the below link:
2020’s Uptrend Channel Is Everything For MCX Nickel
I had written, “It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+“.
Today nickel has touched all targets. Who bought it? The target was 133.4 points. Profit per lot: Rs.2,00,100
What else do you need from a free subscription!?
Did you read the 26 Jan 2021 article on Gold?
Article: Don’t Get Yourself Into a Bull Trap With MCX Gold
Wherein I have highlighted a strong resistance (SR) which is 49280. It has broken down on 14 Feb 2022. That indicates the MCX gold uptrend is unfolding here. If it consecutively remains above the SR, we will see the gold price above 51160 – 51740.
The following indicators have been indicating impending advance:
ADX, DMI, and MA
Watch significant releases or events that may affect the movement of gold, silver, and crude oil.
Tuesday, Feb 22, 2022
19:30 S&P/CS HPI Composite – 20 n.s.a. (YoY) (Dec) – Medium Impact
20:15 Manufacturing, Markit Composite, & Services PMI (Feb) – Medium Impact
20:30 CB Consumer Confidence (Feb) – High Impact
Thursday, Feb 24, 2022
03:00 API Weekly Crude Oil Stock – Medium Impact
19:00 GDP (QoQ) (Q4), and Initial Jobless Claims – High Impact
21:00 Natural Gas Storage – Low Impact
21:30 Crude Oil Inventories – High Impact
22:30 FOMC Member Mester Speaks – Medium Impact
MCX Nickel is following the above uptrend channel from 23 Jan 2020. And making a good trade opportunity for commodity traders. Nickel’s upward trend is not over yet. But we may see a downfall below the control price, and it can be up to 1686 – 1620.
It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+.
ICOMODEX Energy is forming an impulsive wave 3.
Price has finished the corrective wave (iv) of wave 3, and the price is establishing an impulsive wave (v) of wave 3.
Price is about to make the last leg v. If the price breaks the high of wave iii, it can make an upward move of 7135 – 7290- 7355 -7477.
After the accomplishing of wave 3, the price will fall and break the acceleration channel.
What are the turning points for the prices?
+ Wave 3 can finish at 2.618 (7477) reverse Fibonacci retracements of wave iv.
+ Wave 3 can finish at 2.618 (7167) reverse Fibonacci of wave (iv)
+ 3rd wave can end after the breakdown of sub-channel.
I will upload further information for intraday traders.