MCX Gold and Elliott Wave Counts

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 MCX Gold hourly continuous chart


Analysis

From the above chart, MCX Gold has started picking up momentum after moving down from 52000 to 49600 levels. The yellow metal has now climbed above 50600 and can possibly move or test the falling trend line which is placed at 51800 levels.

On the lower panel I have placed Bollinger Width which indicates that the Band is expanding as it moves higher from 0 levels. Every time it has started moving higher, prices have shown good amount of rally.

As per wave theory, the yellow metal is moving in double correction where it is currently moving in wave c of wave x. Wave c is impulse in nature and can move near till 51800-52000 levels over short term.

The summation is MCX Gold can test the levels of 51800-52000 over short term with support placed at 49800 (closing basis).

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