Gold MCX buy Arround 31800 on daily chart
My count has gold doing a large ABC since Sept' 12, presently on the B wave up of the larger C . This larger C is making an ascending triangle type pattern but its more like an ABC triangle, IMO. No one can be sure though. I think it will print an extended flat for this larger C which has going around swing high level i.e INR 3500-3600 ranges. kind of a technical...
Indian Rupee Gold PEG finalized in Mid-October...?
As per Elliott Wave Theory, Gold chart indicates a completion of a Flat ABC Correction that signals a new wave to upside. This is a good time to invest or take a swing trade position in this before the festive season begins in India where we generally see rise in the Gold 0.73% market. Take positions with stoploss at 87200 Target 1: 90000 then Target 92400.
Gold Capped by inverted CUP. 77757 should be the support when we break down 81500