10 Jun 2020 ● 12:57 PM
On my gold MCX chart you can see a series of 3-4-3-4-3-4 because when gold prices started rising from 2016 even when the dollar price was not rally impulsively we continue to get a series of higher tops and bottoms in the rupee price of gold because of the rising USDINR. That series can now be in its 5th wave finally, however I will not rule out extensions even then. For now let us focus on the current move which from the support of 45,920 near the 20 DMA could 1st test the recent high of 47,980 and above that towards the top end of the rising channel that stretches all the way to 54,500. The move should subdivided in 5 waves normally, in a rare case it would be an ending pattern. What could slow it down though is an unexpected decline in the USDINR.