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MCX Gold: Is This Beginning Of Multi-Decade Down Move!

ByCommodityOnline
Published 07/03/2013, 05:05 AM
Updated 05/14/2017, 06:45 AM
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Gold has been one of the favorites from investment perspective over last many years.

This has been true because we have seen secular bull run in yellow metal since 2002 onwards. Many of the investors or traders have not seen a downtrend but any freely traded commodity has its cycle. The up cycle for Gold looks to have ended and this is the beginning of multiyear of underperformance for Bullions.

Even if we have bigger term view it is imperative to see the short term movements in order to take better Risk – Reward trades. We combine Elliott waves along with Fibonacci levels to forecast near to medium term trends.

MCX Gold Continuous Daily chart:
Gold 1
Following was mentioned on 21st June 2013, “MCX Gold broke the level of 27400 on downside and showed a sharp fall along with Comex Gold. However due to Rupee factor the selloff was not that strong but yesterday’s move was sufficient to confirm that the downtrend has resumed.

From Elliott wave perspective, prices have probably completed wave (a) of upside correction near 28100 levels and is currently moving down in the form of wave (b). We do not rule out short term consolidation to digest the strong selloff yesterday but that should be utilized as selling opportunity.
Gold 2
MCX Gold moved down strongly and made a low of 25000 levels within just few trading sessions. There is much more to the current trend but it is important to know proper Risk – Reward levels before taking trading decisions.

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