MCX Gold Elliott Wave Projection For July 2022Gold 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.
Mcxgoldidea
MCX GOLD TRADINGYellow metal on MCX may remain volatile, traders can take a short positions.
CMP : 46635 at 1:15 (IST)
Stop Loss : 46810
Target : 46225
On th October, MCX Gold DEC Contract made a low of ₹ 46477, which is expected to be broken by today or tomorrow amidst a firmer dollar and a rise in US Treasury yields weighed on the precious metal’s appeal.
Yellow metal will remain under pressure this week.
Buy on dips strategy could work for both the precious metals.
Buy zone above - Rs 46,850 for the target of Rs 47,300
Sell zone below - Rs 46,500 for the target of Rs 46,200
December Gold closing price - Rs 46,757, Support 1 - Rs 46450, Support 2 - Rs 46,300, Resistance 1 - Rs 46,850, Resistance 2 - Rs 47,125.
MCX:GOLD1!
gold mcx gold facing clear rejection on the above if the price didn't sustain on the zone we could expect the price to 46300 and 46800
