MCX Gold: Elliott Wave Insights on Ascending Channel
Timeframe: Daily
MCX Gold has been trading within an ascending parallel channel for over 65 weeks. The value area highlights zones of supply and demand, with the control line exerting a gravitational pull on the current price. Within this structure, there are four zones of no trading activity and two neutral zones.
A triangle pattern is forming around the control price, indicating a potential price movement. If the price closes above the control line, it could potentially reach the following targets: 77660 – 78560 – 79600+. On the other hand, if the price breaks and closes below the strong support level, we may witness a short decline, possibly reaching the lower band of the parallel channel.
We will update further information soon.
MCX Gold has been trading within an ascending parallel channel for over 65 weeks. The value area highlights zones of supply and demand, with the control line exerting a gravitational pull on the current price. Within this structure, there are four zones of no trading activity and two neutral zones.
A triangle pattern is forming around the control price, indicating a potential price movement. If the price closes above the control line, it could potentially reach the following targets: 77660 – 78560 – 79600+. On the other hand, if the price breaks and closes below the strong support level, we may witness a short decline, possibly reaching the lower band of the parallel channel.
We will update further information soon.
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