MCX Gold Analysis & Economic Outlook: Feb 25 – Mar 1, 2024
Analyzing Gold’s Technical Trends and Economic Influences
MCX Gold is currently moving within a parallel channel, suggesting potential upticks to 63600 – 64160 – 65000 levels. Last week, it rose by 0.75%, gaining 467 points.
Gold faces selling pressure near the Control Line. To maintain an upward trend, it must break the 62600 level. If not, it may drop to 61160 – 59600, especially for intraday traders.
Key Economic Events:
These events might affect gold, silver, crude oil, and natural gas prices:
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Gold & Aluminum Updates: Hits Target Prices Swiftly
If not, you can read it here: Gold Price Analysis – Key Levels and Targets for Intraday Traders
Highlighted in bold yesterday, we emphasized, “Finding a foothold at 61960, MCX Gold prices hinge on a crucial juncture. A crossover and break today could lead to target prices of 61860, 61760, and 61560.”
Gold successfully achieved all target prices within a single trading session.
Reminder to our premium subscribers: Aluminum Report – it’s on the verge of hitting our first target.Continue reading
MCX Gold Price Analysis: Key Levels and Targets for Intraday Traders
MCX Zinc & Aluminum: Technical Insights
MCX Zinc Analysis
Examining the daily chart of MCX Zinc utilizing Fibonacci retracement, notable developments are observed. In May 2023, Zinc breached the 61.8% retracement level but did not test the subsequent level at 78.6%. Instead, it retraced back to the 61.8% level. The pivotal level of 228 suggests that the downtrend in Zinc may have concluded. This level holds significance as it could propel Zinc upwards, targeting levels of 236, 242, and potentially 257.6.
According to the principles of Fibonacci retracement, a weak trend reversal signal is indicative of a weak trend. Therefore, if Zinc breaches the red trendline, a potential downside with target prices of 212, 206, and 200 could be anticipated. Caution is advised between the 61.8% retracement level and the trendline.
MCX Aluminum Outlook
Get free MCX ideas, chart setups, and analysis for the upcoming session: Commodity Tips →
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