MCX Gold: Time cycles with Elliott wave at its Best!

Safe Haven appeal: Few months back, Gold has given a breakout from long consolidation pattern which suggests start of the bullish trend. Gold is one of the preferred asset classes when uncertainty in economy prevails.

Look below the chart and detailed research on MCX GOLD how it outperformed exceptionally well and we were able to gauge this rise using Elliott wave and Time Cycles.

MCX Gold weekly chart(Below is the extract of research from the Monthly report published in “The Financial Waves Monthly update”)

Elliott wave perspective:

Gold in terms of INR has continued to move higher and has been moving in the blue channel. However, we are yet to see a strong trend here but overall tone has been bullish. As per wave theory price is moving in wave (5) of primary degree which is unfolding in the form of an ending diagonal. We will keep this as the preferred scenario and move above 35000 will further validate our positive outlook.

 In short, Gold overall tone looks to be bullish. It is best to use any dips as buying opportunity in this asset and any downward movement in global equity markets might provide further positive thrust to this asset class. For MCX Gold we can expect break above 35000 to take price higher towards 38500 levels over time.

Happened: Gold seems to be glittering and has been crossing above the target levels after a long consolidation, the rally in this metal has now resumed. Currently the metal is trading above 39000 levels, so till where is it headed?

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