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MCX Gold Daily Chart ( Candle Sticks )
MCX Gold Daily with Elliot Wave.
The above chart pics clearly reveal that Gold can loose it's luster at least for the short - medium term.
An analysis on a normal candlesticks chart shows Bearish RSI Divergence in Gold, with it's current support at xxxxx.
A breakout below this level can further lead to fall in Gold price, forming next target ( T 1 ) at xxxx.
RSI values have failed to enter the over bought zone and have fallen back below the 50 level thus indicating weakness in strength of the up moves. And we can soon see a bearish range shift & prices can continue to fall below T 1 with our T 2 at xxxx.
An Elliot Wave analysis, when applied on Gold ( see pic 2) further adds double confirmation to normal analysis. As we can see that, currently the 4th Corrective wave is in action forming a descending triangle with lower tops and an almost flat bottom.
Both these analysis when combined together clearly indicate, that support at xxxx is the only thorn in the flesh. Below this will be a party for the bears as we can probably see Gold prices falling sharply.
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