Look at the below chart of MCX Gold picked up from “TheCommodity waves short term update”
MCX Gold June 60 min chart:
Following was mentioned in the morning research report –
On the daily chart of MCX gold (shown in actual research report) we can
see that the rally that started form 31400 seems to have stalled near the
resistance at 31300. We can see the prices consolidate to digest the strong
upmove, this is supported by the fact that the RSI can be seen going slightly
flat. We can also see that a new leg has
begun in the form of corrective wave a which will push the prices higher.
On the hourly chart we can see the prices have broken above the downward
slopping channel with good momentum, currently we can see it going sideways and
forming a continuation pattern, which is supported by the fact that the RSI is
making a move downward move from the overbought level.
In short the trend for MCX gold seems to be sideways to positive with the
immediate resistance placed at 32300 and the support at 32000. If the level of
32300 is broken on the upside with we can see the prices touch the levels of
32500 provided the level of 32000 is hold on the downside.
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