MCX Gold has shown sharp rally from the lows of 28100 and prices touched high above 29800 levels. This sharp up move was in less than a month. It clearly shows power of Elliott wave impulse pattern.
The below chart is picked up from “The Commodity waves short term update”
MCX Gold Feb 60 mins chart:
Wave analysis:
In previous update for Gold we mentioned that “overall Gold trend is positive as long as lower level trendline is protected near 29500. One can hold their position for move towards 29950 levels.” BANG ON!
Gold has managed to move higher despite of other metals not moving in any direction. It is interesting to see outperformance in Gold whereas Silver has been drifting lower. ….As shown on hourly chart, Gold has been behaving within the impulsive rise very well. We captured this rise very early on and still able to anticipate a positive reversal from the channel support. As shown on above chart, Gold is respecting the 20 period moving average as well. So as long as this average is protected the overall trend will remain bullish.
In short, Gold can move towards …….. levels as mentioned in earlier update with ……. as very important support. ………….. ideal strategy.
The above simply shows power of Impulse pattern and we have been able to capture the same for Copper few days back and now even on Gold during the entire rise. It shows how easily you can trade once you are riding the impulsive trend. So what is next for commodities from here? Subscribe NOW to “The Commodity waves STU” and see yourself detailed analysis on Gold, Silver, Crude and Copper…Visit Pricing page
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