Hey traders, here's an important update on our Gold MCX positions:
We've successfully booked our long position and are currently completely out of our short-term long trade.
In order to consider re-entering a long trade, we'll be closely monitoring the market for a break above the key level of 61,130 , and it's crucial that the price sustains above this...
Based on the current scenario we can clearly identify that Gold is approaching a major breakdown as it has its downtrend resistance at 1950, considering that we can acknowledge 1944 as a reversal point and soon in upcoming time we can expect this bearish trend to test all the levels up to 1890.
The Best thing is to stay bearish with a stop loss 1950, and if it...
Weekly chart - Strong buying pressure
Daily chart - Potential double short
Hourly chart - pushing back to tesst top resistance once more
If it rejects this top level again we are in a good way for Double top setup
We will have to wait and see how price reacts to the 143 price level, If you want you can play agressive with a shot pending order on the 143 level...
