When Will MCX Gold explode?
Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.
Targets: 46600 - 46000 - 45660 - 45200
Alternative scenario: If gold remains above 0.5, it may try to hit 0.382 (TP: 48260 - 49000+).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a strong uptrend after hitting the support.
Targets: 46600 - 46000 - 45660 - 45200
Alternative scenario: If gold remains above 0.5, it may try to hit 0.382 (TP: 48260 - 49000+).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a strong uptrend after hitting the support.
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