MCX gold has started falling since 1st June, and it’s moving under a parallel channel. But this time, it can break out this channel. Why? I will explain it through Elliott wave projection in the next update.
In the last trading session, it made a Doji candlestick. And that’s a sign of trend change. If gold does not break the crucial level, then it can drop up to 0.382 to 0.236.
In simple words, short-term targets: 46200 – 45960 – 45765
And for long-term traders: 45600 – 45060
But, the uptrend isn’t far away. If gold does breakout of 46860 level, then we may see 47276 – 47600 – 47960+.
Don’t get confused! You have to watch out the level 46860 for an uptrend, and the closing price below the Doji candle indicated a bearish trend signal.
This week we may see higher fluctuations due to upcoming economic events. Watch the following significant releases or events that may affect the movement of gold, silver, crude oil, & natural gas: Read more
Advice For Day Traders:
XAUUSD is not tradable between the range of 1766 to 1745. They are trend changer levels.
Gold’s Simplified Trading Strategy:
According to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+.
In simple language, you should wait for the breakout of 1766 or 1745. Because of that’s a crucial level for XAUUSD traders.
If gold will breakdown the 1745 level, then the downtrend will begin. And that downtrend can drag it down up to 1730 – 1706 – 1686.
Please note, don’t forget to watch significant releases or events that may affect the movement of gold, silver, and crude oil: Read more
Gold has started collapsing nonstop after Nonfarm Payrolls data. And it stopped at my ‘tested many times’ level. XAUUSD has recovered 50% almost in the previous week.
The gold spot needs to break the 1793.6 level to start an uptrend. Afterward, it will go for 1806 – 1826 levels. And these levels can push the gold price up to 1900.
But if gold breaks the strong support again, it will start falling. This time, it won’t stop! Hence, the short-term traders can start selling from there for the targets of 1744 – 1726 – 1684.
MCX Gold Will Have An Explosive Rally This Wednesday
MCX traders should keep their eyes on the 46720 levels. It’s a trend changer.
As per XAUUSD, Indian MCX Gold can raise 47500 – 48260 after a breakout of $1793.6. And if it breaks the strong support of Gold Spot, it will keep falling for targets of 46260 – 45860.
For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil. Especially, don’t forget to watch this Wednesday’s events to find out gold upcoming actions. Read more