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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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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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Silver has broken the dynamic resistance & triangle formation. According to MA, EMA, & DMI, silver will run to reach 68800 – 69000 levels.
It will start falling after breaking the hurdle/support line. How much? 68000 – 67600 below.
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This is MCX Gold 15 minutes chart (Heikin Ashi). It is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 – 50120 – 50200.
According to MA, EMA, and DMI, it’s bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 – 49800.
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MCX Gold Guinea is making a triangle pattern. As per the ADX, the trend is weak and, +DI is above the -DI. That indicates an uptrend ahead. Additionally, 200 MA isn’t broken.
According to DMI & MA, we have chances to see 40260 – 40500+ levels.
But, if you look at the triangle pattern, it seems bearish. We have more chances to see downward (huge selling pressure) if it breaks the support line (dashed). And 50 MA is indicating the same.
Hence, once it breaks the support line, intraday traders can sell for the following targets: 39460 – 39260
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Do you want to know where MCX Gold will go? Read Here →
This is MCX Silver mini 15 minutes chart. I have used here moving average, Fibonacci, DMI, and RSI.
Fib Levels: T 71496 and B 65664
Silver will try to touch 0.382 (67892) from here. It will act as resistance. Moreover, there is a 50 MA. If silver breaks both, it will fly from there and touch, 68580 levels. Intraday traders can play between it.
But if it takes a U-turn from 50 MA and breaks the 20 EMA, be ready for the following targets: 67060 – 66600.
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