Gold at Lifetime High, What's Next?
Gold has started to shine again and recently Gold made new life time high near 65140 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.
Elliott wave helps us to navigate the trend of the market. Time cycle helps to identify early entries. It has worked out well especially if you know how to apply the Elliott wave along with the Time cycle.
Look at below the charts and detailed research on MCX Gold taken from our Monthly research report which we published in February 2024 – “The Financial Waves Monthly update”
Gold Weekly chart Anticipated as on 16th February 2024
MCX Gold with 51 Days’ Time cycle as on 16th February 2024
MCX Gold Daily chart Anticipated as on 16th February 2024
Wave analysis as on 16th February 2024
During the month of January Gold showed movement in both the direction. Currently MCX Gold has lost its momentum over the months which is visible on the above charts. On the weekly chart, we can see that prices are trading in a tight range of 61500-64400. However, overall trend is positive as prices have still protected Ichimoku cloud support on weekly basis.
In the previous session Gold witnessed correction after uptick in the dollar index (DXY) following a higher-than-expected US inflation number which exceeded expectations.
On the daily chart, we have shown Bollinger Bands. Bands are looking flat and size of it has reduced considerably which happens due to lack of volatility. Such period of low volatility often followed by high volatility. A trending move is much awaited in this asset.
We have plotted 51 Day’s Time Cycle which has helped to determine crucial reversal areas. We can see in the above chart which clearly suggest that how cycle has worked out well for catching lows most of the time. Currently cycle is ongoing. So, we expect some sideways action or some weakness in this commodity. After which we can expect a fresh buying.
Gold is at deciding point. A breach below 61000 can result into further correction with the targets of 60300. Whereas a breach above 62700 can turn cycle on the buy side which can lift the price further higher towards 63300.
MCX Gold Daily chart Happened as on 6th March 2024
Happened: Gold moved precisely in sync of our expectations. Prices made low exactly on our cycle and since then we witnessed a rise of more than 6% in short span of Time and prices made a fresh record high at 65140 levels. This is pure magic of Time cycle!
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