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.
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