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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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As per this chart, gold will start rallying soon. Final rally! Afterward, what will happen?
Check the previous chart (27 April 2020) to know more.
Link: MCX Gold vs. Crude oil – Tips & Update
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NCDEX Soybean futures price is moving higher. As per the current situation and fundamental view, its demand is increasing. It could jump for 4000 – 4160 levels.
Technically, 4200 is a hurdle.
Red zone: 3700 – 4200
As per the following chart, the cotton price may hit 15460 – 15200 – 15000 below soon.
Don’t forget to keep your eyes on the resistance line.
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As per the chart and situation, we will see more downside jump in crude oil prices.
Downtrend targets: 800 – 760 – 700 – 600 – 560 below
Traders can stop selling if it closed above the 1600 level or watch out the resistance trendline.
In the next report, we will update on MCX Gold & Silver in-depth.
NCDEX Guar Gum Futures is close to March low. It will keep falling if that level breaks.
Targets: 4660 – 4500 – 4400
Note: position can be initiated after a breakout of March low.
Don’t miss out to read the previous agri-commodity trading alerts report: Free Jeera & Cotton Tips
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