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...
Gold has accomplished the final correction wave (Y) of wave ((B)) and has begun to form sub-waves of the corrective wave ((C)).
Currently, the price is at 100 EMA & the lower band of the parallel channel. It appears that the movement of gold is being dominated by bears, as it is making lower lows and lower highs.
If the price breaks down the parallel channel,...
As per the FOREX GOLD chart idea I have been posting in the last few weeks, the gold is in accumulation stages and GOLDPETAL Contracts are being traded in the MCX with good volumes.
The following idea shows that GOLD has had very strong RSI with above 40 in the last two months.
Price breakout chart in USD can be seen below for XAUUSD.