MCX GOLD: Tips & Update

Have you traded MCX GOLD?
Click here: Will Gold survive above the 55000 level?

Free mcx gold chart calls

I had written clearly,”Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.”

Timeline:
[13 December 2022]

  • 07:00 PM – GOLD reached all targets in a single candle and made a high of 55047.

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MCX CRUDEOIL & GOLD – Big Pictures

Bearish signals remain for crude oil price

free mcx crude oil daily chart xalls

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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Will Gold survive above the 55000 level?

Free mcx gold chart calls

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.

We will update further information soon.

Get free MCX ideas, chart setups, and analysis for the upcoming session: Commodity Tips

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EWT – MCX Zinc Is Ready For Its Final Impulse

Free nse zinc chart calls

MCX zinc has been forming the corrective structure in the descending channel for more than 28 weeks. The ending point of impulse was 383.55.

At present, MCX zinc has accomplished the corrective wave ((B)) and started forming sub-waves of the impulsive wave (C). Price has completed 78.6% retracement, where wave A = C at 217. Zinc has accomplished wave (4) of wave ((C)). Wave ((C)) retraced 61.8% of wave ((A)). Zinc is trading below 50-day EMA, and RSI is above 30.

Zinc will try to test the price hurdle of 267, so traders can sell zinc nearby 267 for the following targets: 252.6 – 246 – 244.

Target measurement using the Fibonacci relationship:

  • Wave (5) of wave ((C)) can end near 161.8% reverse Fibonacci retracement.
  • Wave ((C)) can occur near 100% extension at 217, where wave A = C.
  • Wave ((C)) can cease to exit at the lower band of the parallel channel.

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Will MCX Gold Prices Touch 49000?

free commodity market gold daily chart & trading calls

According to the above chart, gold is playing between the green area. Currently, it’s close to the 50100 level. This level breakout will hit hard on MCX gold prices. And we can see the following target prices in the upcoming days: 49880 – 49500 – 49160

But what will happen if it remains above 50100? My answer is straightforward for you. STOP SELLING! This level can turn off the downtrend, and gold prices will start moving forward.

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