GOLD continue to decline again...

Jimmy_Rebello Updated   
MCX:GOLD1!   Gold Futures
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
price is in side ways phase from 58740 to 58400
at break of this lvl we can see furhter levels
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


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