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When Will MCX Gold explode?

February 15, 2021, 7:23 pmJuly 1, 2023 5 20827

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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MCX CPO – Fifth Wave Rally Is Starting

February 5, 2021, 5:42 pmJuly 1, 2023 0 22257

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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MCX Nickel – Parabolic Curve Pattern & Tips

February 2, 2021, 6:46 pmJuly 1, 2023 0 26453

This is MCX Nickel weekly chart. Price projection is based on Parabolic Curve & Fib Retracement.

As mentioned in the chart, At the end-point of Base 3, indicated by the “X” symbol, the nickel could double in the shortest period of time. Targets: 1426 – 1632 – 1778 – 1854 – 1962 (2.618 – Based on Fib Retracement).

If nickel breaks the curve line, it can collapse up to “X” or base 3 deep. Hence, we can see the following targets from the selling point: 1130 – 1050 – 960 – 850 and below.

Remember, trade with the direction of the breakout. And stop-loss above/below breakout level.

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Silver Price 2021 Roadmap

January 31, 2021, 6:35 pmJuly 1, 2023 0 21204

According to the date range on MCX Silver daily chart, it’s changing the trend after every 46 bars.

If silver does not crossover 88.60% of fib retracement before completing 46 bars, we may expect a downtrend ahead. It can collapse up to 61000 to 55765. Here, targets for intraday traders: 67500 – 65600 – 63660

Or if it breaks the 88.60%, then silver will make a new high. And it will start raising & hit the following levels: 75000 – 77000 – 80000+

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Crude oil is bearish near-term – Elliott wave analysis

January 28, 2021, 8:17 pmJuly 1, 2023 0 22037

The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 – 3660 – 3470 can be expected before the uptrend resumes.

If there will be the upside breakout of wave 5 (Protective Stop: 3980), then it’s a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.

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MCX Gold Trading Strategy for Intraday Traders

January 28, 2021, 4:39 pmJuly 1, 2023 0 21557

Gold is taking reversal from the strong support (SS) level (48635). And at present, it’s very close to the SS. Can we see a reversal again?

If gold remains above SS, then it can touch the following levels: 49000 – 49200 – 49400

But according to RSI, MA, & DMI, it seems in a downtrend. So, if MCX gold breaks the support level, we may see the following targets: 48460 – 48260 – 48000

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