In today’s session, Gold made new life time high near 71080 levels. Gold is following its own independent Elliott wave pattern and Time Cycle. We predicted this up move even before the rally started using Time cycle and Elliott wave theory.
Look at below the charts and detailed research on MCX Gold taken from our Monthly research report which we published in March 2024 – “The Financial Waves Monthly update”
MCX Gold Weekly chart Anticipated as on 19th March 2024
MCX Gold Daily chart Anticipated as on 19th March 2024
MCX Gold Daily chart with 51 Days Time cycle Anticipated as on 19th March 2024
Wave analysis as on 19th March 2024
During the month of February Gold showed movement in both the direction. However, at the start of March 2024, Gold finally gave a breakout of the Triangle pattern. After which we saw a sharp rally in Gold which led prices to make fresh record high near 66356 levels. Gold moved precisely and managed to achieve out targets of 63300 and moved above it. We have successfully captured this rally of more than 8%.
We are seeing magic of Time cycle! As we mentioned in the previous report that a breach above 62700 will turn cycle on the buy side. Prices moved up precisely from it. Since the start of March 2024, we have witnessed rise of more than 6% in Gold. The sharp rally that we saw is majorly due to Fed rate cut speculation, profit booking in US bond fueled the rally!
On the Weekly chart, we can see Bollinger Bands® have started expanding and prices have recently given a breakout of the upper Bollinger Bands. In the previous week, prices gave a close above previous week’s candle high which is a positive sign. This keeps weekly tone on the positive side.
We have plotted 51 Day’s Time Cycle which has helped to determine crucial reversal areas. We can see prices made low exactly on our cycle near 61190. Since then, we saw a sharp rally of more than 8% in Gold. The next cycle is due by 23rd April 2024. Until then we can expect Gold to continue to shine!!!!
In nutshell, Overall tone for Gold looks positive. Therefore, accumulating gold at current levels in a staggered way can be a systematic strategy to ride the trend with the targets of 66400. Avoid catching tops and use dips as a buying opportunity for a move towards followed by as long as 63800 holds on the downside.
MCX Gold Happened as on 8th April 2024
Happened: Gold moved precisely in sync of our expectations. Prices achieved our target of 66400 and moved way above it and made life time high near 71080 levels. We have captured this up move of more than 8% in less than one moth.
We have been mentioning about reversal in Gold since past 2 months in our Monthly research reports. We have successfully captured this entire rally of more than 15% from Time cycle low which was near 61190 levels.For now, one can use buy on dips approach to ride the trend as long as as 69900 holds on the downside.
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