Gold: Elliott Wave and Price Indicator You Cannot Miss!!
May 18, 2023
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Gold has lost its shine over the past few trading sessions. Below is a short-term Analysis of MCX gold using Elliott waves and channelling techniques along with simple price action.
We published the following article on MCX Gold pre-market on 16th May 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
MCX Gold Daily chart as on 16th May 2023
MCX Gold 60 Mins Chart 16th May 2023
Wave analysis as on 16th May 2023
In the previous session, Gold formed a bearish candle. On the daily chart, we have applied ADX. ADX of this asset is trading near 18 suggesting lack of momentum. Since past few sessions prices looks to be consolidating within a range of 60800-61500. Any move below 60800 is must for further selling to emerge.
On the hourly chart, we have also applied ichimoku cloud. Prices have entered the ichimoku cloud and have already started consolidating. This cloud can act like a support cushion for price and we can expect price to move in a range as long as a decisive break is not seen outside the cloud area. Currently wave c is moving on the downside.
In short, Gold looks sideways to negative. Any move below 60800 is needed for further bearish momentum to continue as long as 61500 holds on the upside.
Happened as on 18th May 2023
Gold moved as we expected and showed a movement of more than 1000 points in a single trading session and made low of 60039. Simple Elliott wave along with price indicators have helped us to capture this big move.
Even in commodities knowledge of wave theory helps in identifying trades with early entry and great risk reward trade setups while improving the accuracy of the overall trading system.
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