Comex Gold

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 Comex Gold 4 hour chart


Analysis

In my previous update I had mentioned that Comex Gold is positively poised and can move higher from current levels towards $2100-$2150.

Prices crossed the level of $ 2000 last week and made a high of $2030 and it is arriving near to my mentioned level of $2100-2150 levels.

To view the previous update, click on the below mentioned link.

https://www.marketanalysiswithmeghmody.com/2023/04/comex-gold-elliott-wave-analysis.html

Prices have arrived near to the resistance of the rising channel along with the horizontal line placed at the top. At current juncture it is early to say that if prices have made the top or it is just a correction from where it fell from. As far as there is no discontinuation of higher highs and higher lows the bias remains positive.

However, RSI has started exhibiting negative divergence which is a sign of caution.

From Waves perspective, prices are moving in wave v after completing the symmetrical triangle pattern in wave iv. Any move below $1950 will confirm that the top is in place and gold prices are expected to correct.

The summation is Comex Gold price is moving higher and can touch or enter in the range of $2100-2150 levels. However, failure to protect the level of $1950 will open the chances of reversal.

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