MCX Gold 2021’s Supercycle

free commodity gold daily chart tips

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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Should you sell Gold now?

free gold 15m chart calls

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 & Silver Spot Prepare For Another Price Advance

free commodity gold daily tips chart

Determining the MCX Gold Price Next Big Move

According to this chart, gold has started falling from August month. Doji appearing in the last trading session. It’s signaling a possible reversal. If gold follows the dynamic resistance, we may see a continuous downtrend. That can be up to 0.5 (47300) to 0.618 (45200) of Fib retracement.

Fib retracement (reverse):
Swing High: 56191
Swing Low: 38400

Here’s ADX less than 25, and +DI is above the -DI . Additionally, 200 MA & 50 MA is throwing uptrend signals. If we follow the moving average, gold may try to hit 51000 – 51990 (0.236) levels.

Intraday traders should watch dynamic resistance before entering.

free commodity silver spot chart signals

Silver Follow Up & Future Predictions For 2020 & 2021 – Part I

Here I have used Gann fan and Fibonacci on Silver sport to identify the current trend.

Fib Retracement:
Top: $29.90
Bottom: $11.64

If silver remains above the 78.6% level, the target will be $27 – $27.8

And if it goes inside 8/1 or remains below 78.6% level, we will see the silver price at 0.618 value of fib retracement. The day traders can use the following levels as targets: $25 – $24 – $23

According to DMI, ADX is less than 25 but turning up. And +DI is signaling an upside rally. Technically, silver is a further advance.

For advance traders, watch significant releases or events that may affect the movement of gold , silver & crude oil:
Monday, Dec 21, 2020:

  • 12:00 – Gold Index

Wednesday, Dec 23, 2020:

  • 3:00 – API Weekly Crude Oil Stock
  • 21:00 – Crude Oil Inventories, EIA Refinery Crude Runs (WoW), Crude Oil Imports, and Cushing Crude Oil Inventories
  • 21:30 – Natural Gas Storage

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MCX Gold – Setup Final Opportunity

free commodity gold tips & chart

According to this chart, gold is further advance. Intraday traders can see 49860 – 50000 levels soon. We may see 50200 – 50400 in extension before the weekend.

If gold breaks the support trendline, gold can collapse up to the trend diversion point (from 49560 to 49400 levels). Speculators can enjoy both rides.

Once it breaks the support trendline, I will update you.

Note: gap acts as resistance.

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Will GOLD Hit the 50000 this Weekend?

free commodity gold tips chart

Overall, MCX gold is collapsing. Look at the chart, if it breaks a low of 48924, we may see freefall up to 48500 – 48360.

According to 50 MA, gold will try to push the upside. If we see the gold closing price above the second top of the trendline, it will start rising for the levels of 49760 – 50000.

Here ADX is less than 25 and 200 MA throwing a direct sell signal. Please note the crossing of +DI and -DI before taking a new entry.

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MCX Gold Double Bottom – Potential Reversal

free commodity gold calls chart

In the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 – 49200). Intraday traders can play between freefall by taking it as a target.

As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.

Short-term targets: 50900 – 51860
Long-term targets: 53560 – 53400

But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 – 48000 levels.

If it happens, I will update you ASAP. Subscribe to get accurate entry-level, stop loss, and targets during the market hours.

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