MCX Gold Elliott Wave Analysis ahead of NFP data

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 MCX Gold daily continuous chart


As shown in the daily chart of MCX Gold, prices are moving in a sideways direction in range of 50000-46500, as far as prices persists in this range no directional move can be expected. 

At present juncture, prices have bounced from the support level of 46500 and can move higher from here. US is set to release June NFP numbers at 6.00 pm IST. The consensus is 725k and the previous reading is 559k. 

There are high chances for gold to move higher and capture 49200-49500, the reason is based on technical assumptions. As per Wave theory, prices are either moving in an impulse or Corrective wave. As long as the support of 46500 holds prices are set to move higher in form of wave c or wave iii which can soar prices near till 49200-49500 over short term.

The summation is Gold is set to move higher from current levels to test 49200-49500 levels as far as 46500 is protected on the downside.

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