MGC1! Multi-Timeframe Technical Analysis – 8H & 2H by GOAT
This dual-chart setup provides an advanced Elliott Wave and pattern-based analysis on Micro Gold Futures (MGC1!), combining macro context from the 8-hour chart with precision from the 2-hour timeframe. The analysis incorporates trend channels, corrective structures, RSI divergences, and potential trade setups.
🟡 Left Panel – 8H Chart:
Trend Structure: Price is respecting a rising wedge pattern with multiple internal flags and channels, indicating a loss of bullish momentum at the top of the structure.
Resistance Zones: Key supply levels are marked between 3,429 – 3,537, with price recently rejecting from this upper zone.
Descending Channel: Current consolidation is forming a minor falling wedge, which could provide a temporary bounce before potential further downside.
Support Levels to Watch:
3,343: Minor structural support
3,312 – 3,268: Major demand area (also aligns with previous breakout retest zone)
RSI Context: Oscillator is hovering near the midpoint (~50), showing indecision. Previous bearish divergences from highs hint at weakening momentum.
🟡 Right Panel – 2H Chart:
Elliott Wave Structure: A completed 5-wave impulse has been marked, followed by a corrective ABC pattern potentially unfolding.
Scenario 1 (Bearish): Price rallies toward the yellow resistance trendline (Wave B) and rejects, completing Wave C toward 3,316 – 3,268.
Scenario 2 (Bullish): Price breaks out of the falling wedge early, retests, and continues toward 3,429 – 3,475.
Bollinger Bands: Price has re-entered mid-band territory, showing that volatility is compressing before a directional move.
RSI Analysis:
Multiple bearish divergences are visible, particularly between Waves 3 and 5.
RSI currently rising after a bounce from near 30, suggesting temporary strength, but still under 50.
🧠 Summary:
Gold is currently in a corrective phase following a 5-wave bullish impulse. While a temporary bounce is possible from the current wedge, the broader pattern points to a likely C-leg down unless key resistance (~3,394–3,429) is broken decisively. RSI divergence across both timeframes supports caution on long bias until trend confirmation returns.
⚙️ Chart prepared for educational and strategic planning. Not financial advice.
This dual-chart setup provides an advanced Elliott Wave and pattern-based analysis on Micro Gold Futures (MGC1!), combining macro context from the 8-hour chart with precision from the 2-hour timeframe. The analysis incorporates trend channels, corrective structures, RSI divergences, and potential trade setups.
🟡 Left Panel – 8H Chart:
Trend Structure: Price is respecting a rising wedge pattern with multiple internal flags and channels, indicating a loss of bullish momentum at the top of the structure.
Resistance Zones: Key supply levels are marked between 3,429 – 3,537, with price recently rejecting from this upper zone.
Descending Channel: Current consolidation is forming a minor falling wedge, which could provide a temporary bounce before potential further downside.
Support Levels to Watch:
3,343: Minor structural support
3,312 – 3,268: Major demand area (also aligns with previous breakout retest zone)
RSI Context: Oscillator is hovering near the midpoint (~50), showing indecision. Previous bearish divergences from highs hint at weakening momentum.
🟡 Right Panel – 2H Chart:
Elliott Wave Structure: A completed 5-wave impulse has been marked, followed by a corrective ABC pattern potentially unfolding.
Scenario 1 (Bearish): Price rallies toward the yellow resistance trendline (Wave B) and rejects, completing Wave C toward 3,316 – 3,268.
Scenario 2 (Bullish): Price breaks out of the falling wedge early, retests, and continues toward 3,429 – 3,475.
Bollinger Bands: Price has re-entered mid-band territory, showing that volatility is compressing before a directional move.
RSI Analysis:
Multiple bearish divergences are visible, particularly between Waves 3 and 5.
RSI currently rising after a bounce from near 30, suggesting temporary strength, but still under 50.
🧠 Summary:
Gold is currently in a corrective phase following a 5-wave bullish impulse. While a temporary bounce is possible from the current wedge, the broader pattern points to a likely C-leg down unless key resistance (~3,394–3,429) is broken decisively. RSI divergence across both timeframes supports caution on long bias until trend confirmation returns.
⚙️ Chart prepared for educational and strategic planning. Not financial advice.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.