free commodity gold chart tips

PART 2 – When Will MCX Gold explode?

free commodity gold chart tipsAs 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 →

free commodity gold chart tips

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 [Free Jackpot Call]

Anyway, what next? Gold can take a U-turn from here. This can be up to 46760 levels. Overall, it’s under a downtrend.

Further information I will update soon to the premium members only.

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free commodity gold chart tips

When Will MCX Gold explode?

free commodity gold chart tips

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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free commodity silver daily chart tips

Silver Price 2021 Roadmap

free commodity silver daily chart tips

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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free commodity gold tips chart

MCX Gold Trading Strategy for Intraday Traders

free commodity gold tips chart

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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free commodity gold chart tips

Gold Price 2021 Roadmap – EWT

free commodity gold chart tips

The Gold spot started the bearish Elliott wave on the daily timeframe. Right now, it’s making the 5th wave. It has to cross 1824 – 1800 – 1776 to complete the fifth wave. The fifth wave will complete around 1690.

If there will be the upside breakout of wave 4, then it’s a failure of the Elliott wave pattern. And the target for the uptrend will be as following 1980 – 2000.

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free commodity gold daily chart tips

MCX Gold 2021’s Supercycle

free commodity gold daily chart tips

MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 51000 – 52000 – 52384 levels at the beginning of 2021.

And if gold breaks the parallel channel and retracement value of 0.618, it will become unstoppable and hit the following levels: 48800 – 47800 – 47296 – 46000 – 45196

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