MCX GOLD future (short trade setup)
Updated
61845 was the HIGH
60,000 to 59,500 has the bearish liquidity side where the price is getting rejected
also from the top to lower time frame lower high i.e. 5700 we got pullback and retraced back to 0.5 of fib zone which is giving selling pressure
the nearest LTF support we have is 58735 and further downfall we can see if this level break will be upto 57650 lvls in the short term gold is getting weak
as per chart pattern we can see double top or M pattern formed on 1h chart
58735 is also the neckline of the pattern which is import level to watch out on gold
60,000 to 59,500 has the bearish liquidity side where the price is getting rejected
also from the top to lower time frame lower high i.e. 5700 we got pullback and retraced back to 0.5 of fib zone which is giving selling pressure
the nearest LTF support we have is 58735 and further downfall we can see if this level break will be upto 57650 lvls in the short term gold is getting weak
as per chart pattern we can see double top or M pattern formed on 1h chart
58735 is also the neckline of the pattern which is import level to watch out on gold
Comment
price has retested the 58735 lvlComment
price going sideways and there is no clear trend as on now on 1h chart
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