MCX Gold Elliott Wave Analysis on Weekly chart

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 MCX Gold weekly continuous chart


From the above chart, it is clearly visible that on and short term prices are moving in a falling channel  indicating that the trend is negative. To confirm lower highs lower lows, it is imperative for prices to break its previous low which is placed near to 44000. 

As per wave perspective, prices are moving in an impulse fashion where it completed wave 3 in a extension and it is currently moving in wave 4, where it completed wave a and wave b. Wave c on the downside is pending which can drag prices near to 61.8% from wave a to wave b.

The summation is the yellow metal is expected to lose its shine and falter near to 42000 levels over neat 6-8 months.

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