MCX Gold and Elliott Wave Counts

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 MCX Gold daily continuous contract


From the above chart, the current trend for the yellow metal is sideways and there is not evidence that MCX Gold can climb back above 51000. As many of you are aware that Dollar index is trading above 96, the current inflation y/y of US is above 6%. FED chairperson Jerome Powell is all set to taper the bond purchases and hike interest rate by next year. All these factors are good for Dollar index but bad for Gold.

MCX Gold has a positive correlation with USDINR, if the pair is set to move higher as DXY will then the fall in MCX Gold will be less as compared to Comex Gold.

Technically speaking, prices are facing the resistance of 50% from its all time high to its recent low 56191- 43500 levels. As far as 46500 is intact expect prices to remain sideways with resistance at 49500 and support at 46500 levels.

As per Elliott Wave, prices can show dynamic moves as it can falter towards 43500 or can remain sideways. Let us see the two scenarios

Scenario 1- MCX Gold has completed wave a and possibly completed wave b in a complex correction which means it is all set to dive in form of wave c till 43500.

Scenario 2- The yellow metal is moving in a ascending triangle pattern where it has completed wave a-b-c and wave d and e is on its way. Once it is over prices are suppose to dip till 43500 levels over short to medium term.

The summation is MCX Gold is set to falter till 43500 over short to medium term as far as 50000 mark is intact on the upside with possibility of time consumption

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