MCX Gold Analysis. As on Friday 5 March 2021. CMP 44,280. Posted at 11:10 am.
Bottom line : The breakdown from 47,550 was the first clue the trend had turned lower. The decline does not appear complete.
Trend channel : Price is testing the lower channel line, so a temporary bounce is possible to the 46,000 ~ 47000 level. The trend remains down.
Ichimoku Daily chart : Price remains well below the cloud. We need to see a weekly close above 50,000 to turn the trend back up again.
Elliott Wave : Price has not respected the 45,000 level which is reasonable support (4th wave of lower degree). The next support zone comes in at the 38,400 level, which is strong support, and could turn out to be a good buying opportunity (if a viable pattern presents itself).