Gold MCX Tips Today Hit High 46677 | Neal Bhai MCX Guru

The gold (yellow metal) has clearly broken the resistance of the channel down pattern. It occurred in a sharp four hour jump, which also passed the resistance of the 55, 100 and 200-hour simple moving averages. Eventually, the metal’s price was stopped by the 1,765.00 level’s resistance.

On Friday, the pair traded sideways around the 200-hour SMA and the 1,755.00 level.

If the metal’s price surges, it would once again test the resistance of the 1,765.00 mark. On the other hand, a potential decline could find support in the 1,745.00 level and the 55 and 100-hour simple moving averages.

When the gold decline will complete?

Prices are falling as a result of a top that formed on the 22nd of September. Since 1835 has been the monthly resistance as stated in our explanation prior to the start of the month. We have stated clearly that gold will not be able to go higher in prices until this level is breached.

However, one could argue that a pullback from 1835 to 1760 could be the formation of a bottom, but we have made it clear to members that the depth of this pullback is still unknown. It is due to the monthly charts, which are extremely bearish.

We expected a bottom on 20 September at 1741 (the stop loss suggestion using WhatsApp). Then we expected a top at 1781-1792 before the FOMC meeting announcement. The bottom was 1741 and top was 1787. The decline continue to 1725 (the expected) so far. What’s next? Lets read.

The chart below depicts how the short-term cycle produced a top and then declined into the next short-term cycle. However, medium-term cycles are approaching, and a significant shift in gold is expected in October. We are still examining the exact week for the bottom using machine learning techniques. However, there are some early warning signs that are discussed in this premium article.

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For a long time, we have been bearish on silver. However, we presented two silver targets of 23.01 and 20.90. Prices were breached at 23.01 a long time ago, and the last bottom was very recent, with price action pointing lower. Our target of 20.90-20.50 remains active, and we will assess it using the cycles.

We still believe that prices must fall further, but that a significant bottom in both metals will be reached soon. If the bottom is not reached within the next 4-8 weeks and prices break the lows of the two short-term cycles, both metals will experience a long-term decline, with gold losing around 30% of its value.

We’ve been bearish on both metals and have avoided trading. According to the most recent WhatsApp message sent to premium members, the initial in gold (1700-1725) was reached today.

Today’s discussion will be based on the next short-term cycle, medium-term cycle, the expected dates and price points of the gold and silver. 

Gold MCX Tips Today Hit High 46677 | Neal Bhai MCX Guru via @goldsilverrepor
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