Gold at Lifetime Highs, Crossed 60k! What is Next?
Mar 21, 2023
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Gold in INR has continued to move up strongly and touched lifetime high levels. But is it right time to Buy Gold?
Let us first look at the research published on 1st March 2023 mentioning Gold – Will it Glitter Again? Time + Neowave – here is the link to that article
Below is a short video from 11th March Webinar.
Gold chart from research in September 2022
MCX Gold chart shown on 1st March 2023
Happened: (as on 21st March 2023)
Gold has shown exponential rise and touched lifetime high levels above 60000 in this week.
First chart shows MCX Gold level when prices were trading near 49380 levels in month of September 2022. It was then GPS of the market – Elliott wave helped to forecast the future towards 59000 levels.
As shown in 2nd chart, Gold indeed formed a low completed wave 2 and started strong move on upside in form of wave 3 taking prices to 59000. From there the move on downside was only wave 4 and it was expected to start another leg on upside in form of wave 5 taking it beyond 59k. This research article was also published on 1st March 2023.
Happened: Gold started moving up sharply and crossed back above 60k in just few days of Time. The move on upside before it happened was again discussed much before it started in live webinar with 1000s of participants when Gold was only near 56k.
In a nutshell, Gold is showing impulsive rise as per Elliott wave and we can aim for targets of 62k as long as 56k is intact. Buy on dips is prudent strategy rather than buying on breakouts. Also in commodities 5th wave tends to be extended and so it is not completely ruled out that we can see much higher levels. Any move below 56k will indicate the uptrend is in danger but as long as the same is intact buy on dips with good risk reward is best way to ride the current trend in Gold.
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