27 Jul 2020 ● 01:19 AM
Gold Comex prices made an all-time high today, and while indicators like the RSI may appear overbought, the Elliott wave structure does not indicate an end to this trend. What that means then is you will in between get one day declines that will relieve the high readings in the RSI but the upper trend may then continue from there. Using a parallel channel on the gold MCX price the advance from the March low would go all the way to 58,000. We are currently in wave III of 5 that is subdividing into wave iii at this moment. The lower end of the channel at 49,650 is a support.