Gold continued to move in strong uptrend. Gold is following classis Elliott wave theory. Elliott wave helps us to navigate the trend of the market. See below how it has helped to derive path for Gold.
Look at below the charts and detailed research on MCX Gold taken from our– “The Vayu Gold short term update” which was published on 21st January 2025
MCX Gold Daily chart Anticipated as on 21st January 2025
MCX Gold hourly chart Anticipated as on 21st January 2025
Analysis anticipated as on 21st January 2025
Since past 2 sessions, Gold is witnessing profit booking after sharp rise in the previous week. Currently prices are retesting trendline. A reversal on the upside is expected once it breaches 79050 followed by 79300 levels. Unless this happens, profit booking is expected to continue.
On the hourly chart, prices are trading in between Ichimoku Cloud suggesting rangebound action or consolidation. For now, a break above 79050 can result into breakout of the Ichimoku cloud which can trigger fresh buying in this asset.
In nutshell, Gold is at crucial juncture. Next few days price action will confirm the next course of action. A break above 79050 is must for fresh buying to emerge. Whereas a break below 78700 can continue profit booking with the targets of 78430 levels.
Key resistance: 79300
Key support: 78430
Strategy: Long positions can be created above 79050 with the targets of 79180 followed by 79300 and stoploss of 78900. Short positions can be created below 78700 with the targets of 78550 followed by 78430 and stoploss of 78870.
MCX Gold Hourly chart Happened as on 23rd January 2025
Happened: Gold is moving precisely as expected. Prices breached above 79050 and showed a classic rise of more than 500 points in just two trading sessions. Prices achieved both the targets mentioned above and made high of 79636 in the previous session. This entire rise we were able to capture using simple Elliott wave and price indicators.
For now, the trend for Gold remains positive. A break above 79650 is a must for bullish momentum to continue. On the downside 79150 is the nearest support to watch out for!
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