MCX Gold and Elliott Wave Analysis

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 MCX Gold Daily chart


From the above chart, prices are moving in a higher highs and higher lows and it is precisely moving in a rising channel. Gold which is a safe haven has seen a stupendous rally on the back of Russia - Ukraine crisis, which soared the yellow metal above 3% on a single day. On the other day the rally was knackered and as a result it closed below the low of the previous day. 

As per wave theory, prices which earlier I thought is moving in a triangle pattern has now unfolded in a regular flat pattern where wave b has gone well above 61.8% of wave a. I think wave c lower has started and there is a high possibility for the c wave to reach till 45000-44000 levels over short to medium term. To embellish wave c has the possibility to fail.

The summation is MCX God is all set to plunge till 45000-44000 over short to medium term.

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