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MCX Gold: Elliott Wave Insights on Ascending Channel

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Free mcx gold chart calls

Free mcx gold chart calls

Timeframe: Daily
MCX Gold has been trading within an ascending parallel channel for over 65 weeks. The value area highlights zones of supply and demand, with the control line exerting a gravitational pull on the current price. Within this structure, there are four zones of no trading activity and two neutral zones.

A triangle pattern is forming around the control price, indicating a potential price movement. If the price closes above the control line, it could potentially reach the following targets: 77660 – 78560 – 79600+. On the other hand, if the price breaks and closes below the strong support level, we may witness a short decline, possibly reaching the lower band of the parallel channel

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