MCX Gold Price Limited Downside, Big Upside

MCX gold has started falling since 1st June, and it's moving under a parallel channel . But this time, it can break out this channel. Why? I will explain it through Elliott wave projection in the next update.

In the last trading session, it made a Doji candlestick . And that's a sign of trend change. If gold does not break the crucial level, then it can drop up to 0.382 to 0.236.

In simple words, short-term targets: 46200 - 45960 - 45765
And for long-term traders: 45600 - 45060

But, the uptrend isn't far away. If gold does breakout of 46860 level, then we may see 47276 - 47600 - 47960+.

Don't get confused! You have to watch out the level 46860 for an uptrend, and the closing price below the Doji candle indicated a bearish trend signal.

This week we may see higher fluctuations due to upcoming economic events. Watch the following significant releases or events that may affect the movement of gold , silver , crude oil , & natural gas:

Monday, Oct 04, 2021
15:30 OPEC Meeting - Medium Impact

Tuesday, Oct 05 , 2021
19:30 ISM Non-Manufacturing PMI (Sep) - High Impact

Wednesday, Oct 06, 2021
02:00 API Weekly Crude Oil Stock - Medium Impact
17:45 ADP Nonfarm Employment Change (Sep) - High Impact
18:30 FOMC Member Bostic Speaks - Medium Impact
20:00 Crude Oil Inventories - High Impact
21:00 FOMC Member Bostic Speaks - Medium Impact

Thursday, Oct 07, 2021
18:00 Initial Jobless Claims - High Impact
20:00 Natural Gas Storage - Low Impact

Friday, Oct 08, 2021
18:00 Nonfarm Payrolls & Unemployment Rate - High Impact