GOLD FUTURES (MCX)
continued to decline from the 59900 lvl and has broken the mtf support of 58135
with a gap down
price then retested the support, (as the support breaks it will act as resistance now)
similarly we seen a rejection and price coming back to day low
further if the day low is taken out, we can project the price heading towards its higher time frame demand zone which is around 57650 and 57800 lvl
if youre interested in creating fresh short side pos make sure you follow the lower high and lower low formation as there will be certain bounce when the bearish sign starts fadading
continued to decline from the 59900 lvl and has broken the mtf support of 58135
with a gap down
price then retested the support, (as the support breaks it will act as resistance now)
similarly we seen a rejection and price coming back to day low
further if the day low is taken out, we can project the price heading towards its higher time frame demand zone which is around 57650 and 57800 lvl
if youre interested in creating fresh short side pos make sure you follow the lower high and lower low formation as there will be certain bounce when the bearish sign starts fadading
Comment:
as usdinr is cooling off we are seeing a good bounce from gold
you can see a trendline from 20 august low ascending wise only if that breaks we can see another breakdown if price continue to sustain above it it is safe
you can see a trendline from 20 august low ascending wise only if that breaks we can see another breakdown if price continue to sustain above it it is safe
at break of this lvl we can see furhter levels