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In our previous article, we discussed impulsive wave C and its continuation. On 20 January 2023, Price achieved our all given targets.
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Do you remember MCX Natural Gas Wave Analysis?
Click Here: MCX Natural Gas – Elliott Wave projection
BEFORE
I have written clearly, “If the price sustains below the lower band of the channel, traders can expect the following targets: 288 – 275 – 267.”
AFTER
Do you remember MCX Natural Gas Wave Analysis?
Click Here: MCX Natural Gas – Elliott Wave projection
BEFORE
I have written clearly, “If the price sustains below the lower band of the channel, traders can expect the following targets: 288 – 275 – 267.”
AFTER
Timeframe: Daily
After making a high of 9996, the price started forming a descending channel. The channel has been occurring for more than 39 weeks. 7735 was a crucial resistance level where the price tried to test for three attempts but failed to maintain bullish momentum.
The price has broken down the descending parallel channel and closed below the recent lower low to create a new low. Bearish momentum can lead price to the following targets: 5700 – 5600.
Trade will be invalid if the price sustains above the upper band of the descending parallel channel.
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Timeframe: Daily
MCX GOLD has broken out of the 10-week-old upper resistance band of the parallel channel and moving forward to the crucial resistance of 55000.
After breaking the swing high of 53663, the price faced resistance until demand pressure turned the level into support. Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.
Note: the resistance line is currently providing support after the breakdown, but closing into the channel will increase selling pressure.
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