MCX: Riding the Bullion Buzz, One Wave at a Time

Back in July, MCX reached its peak at ₹9,115 — to complete an extended wave 3 which was accompanied by RSI divergence and fading momentum. A correction was expected, and the market delivered precisely that.

Price found support almost to the point — ₹7,304, marking the completion of Wave 4 within the broader impulse. The retracement ended right at 0.5 Fibonacci level of wave 2 and wave 3, validating the initial projection.

Since then, structure has shifted to a bullish 1-2, 1-2 formation, suggesting that a new impulsive advance (Wave 3 of 5) is in progress. RSI has turned sharply higher — gaining back strength and how!!!

Meanwhile, the macro picture adds fuel. With gold and silver rallying relentlessly, trading volumes across the commodity space have surged — a direct tailwind for MCX’s business model. Rising activity in precious metals typically translates into higher revenue for the exchange, aligning both fundamentals and technicals toward the same bullish narrative.

Key Levels

• Support: ₹7,304 (Wave 4 low)
  
• Resistance: ₹9,115 (ATH)
  
• Intermediate zone: ₹8,700–₹8,800 (FRVP resistance shelf)
  

As long as price holds above ₹7,304, MCX remains positioned for a continuation toward new highs in the coming weeks.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.