MCX Gold Elliott Wave Projection For July 2022

MCX:GOLD1!   Gold Futures
Gold has accomplished the final correction wave (Y) of wave ((B)) and has begun to form sub-waves of the corrective wave ((C)).

Currently, the price is at 100 EMA & the lower band of the parallel channel. It appears that the movement of gold is being dominated by bears, as it is making lower lows and lower highs.

If the price breaks down the parallel channel, traders can initiate a short position for the following targets: 50153 – 49600 – 48560. It should be noted that the breakdown of the parallel channel is also the breakdown of the 100 EMA.

49600 is a pivot zone for gold. If the price sustains below 49600, traders can expect rapid bearish momentum.


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