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Gold Spot vs MCX Gold – Weekly Reports & Tips

Posted: 19 Oct 2020 05:22 AM PDT

Here I have compared Gold Spot (CFD) with Indian MCX Gold to identify this week’s trend.

In the chart, there are two different support levels. Wherein support level 1860 is for gold spot, and 49260 for the MCX gold.

I have used moving average and volume on Indian gold. At present, 50 MA is turning downside. If it breaks the parallel channel (PC), gold will fall for 50000 – 49860 – 49500 levels.

According to this chart, gold is trying to climb upward after hitting the PC. And if it remains into the PC, we may see 51000 – 51500+ levels before the weekend.

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The price moving towards the FIVE Wave in bulls market NIFTY!

Posted: 19 Oct 2020 04:24 AM PDT

FIRST Wave: (Leading Diagonal Contracting)
In the first wave, we have detected the Leading Diagonal contracted within two yellow-colored covering lines but the leading diagonal occasionally appear in the first wave position of impulse. I have labeled by using roman numbers.

SECOND Wave: (The 50% Retraced)
Its a corrective wave formed A, B, and C. Its retraced 50% from the first wave and the price didn’t carry to a new low.

THIRD Wave: (Impulsive and Extended)
This wave is strong and broad with the Extension moved. The subdivisions of an extended wave are nearly the same amplitude and duration as required.

FOUR-Wave used Technique : (of Channeling to determine Five Wave)
I’ve used here channeling technique for confirmation of four-Wave completed perfectly. In this case, suppose to the fourth wave ends at a point touching the parallel channel.

FIVE Wave: (Price is currently toward this wave)
I have connected the ends of waves two and four to determine the five-wave causing wave one and three is normal.

The post The price moving towards the FIVE Wave in bulls market NIFTY! appeared first on Moneymunch.