Gold is following its own independent Elliott wave pattern and Time Cycle. In the below chart we have shown the Gold movement along with the Elliott wave and 51 Days’ Time cycle.
MCX Gold Weekly chart with Elliott wave
MCX Gold Daily chart with 51 Days Time cycle
MCX Gold Elliott wave perspective on weekly chart: As per wave perspective, in the year 2021 primary wave 4(black) completed on the downside and since then the entire rise that we are witnessing is in form of primary wave 5(black). At the end of 2023 intermediate wave 4(blue) of primary wave 5 finished its course on the downside and the current rise is in form of wave 5(blue).
On the Daily chart, our cycle of 51 Days is working out really well which started from 23rd April. We gave hints of possible correction or consolidation before fresh leg on the upside in our commodity reports and also expected that prices will form low exactly near our cycle.
The same has happened which can be seen on the above chart. Wherein, prices made low on our cycle at 70082. From the lows prices reversed on the upside and have already shown a rise of more than 4.5%. Now a breach above 73960 can turn Time cycle on the buy side.
In a nutshell, trend for Gold looks bullish. A breach above 73960 can turn cycle on the positive which can result into good rally and can expect fresh record highs as long as cycle low remains protected on the downside!
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