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...
This is a ratio chart ... represents Which one is Outperforming GOLD OR SILVER.
I have used Futures chart reference as ratio . It clearly represents a breakout is likely on the higher side . which means Gold will outperform Silver for some time
resistance are clearly shown for ratio chart.
eyes on 1913$ if sustain blw thna expect dwn 1903--1894$ if dxy strng backup due to cpi data. or if hold abv 1913 thna mkt again rise on 1927--29$ now all depend on usa cpi data at evening time .in mcx gold stya lw 58900 sustain thna expect 58780--710+++++ or if hold abv 58000 thna again ris eon 59120--200++++ let see eveng time more update stya tuned with us who...
Plotted 2 scenarios:
1. May price go up according to structure and DXY decrease in net.
2. Might price go down because decrease in XAU net positions by institutions.
In short term gold has a support of 59225
In today's market conditions, people want to buy gold this levels,
My stoploss is 59225/59000 for august contract target only one ath
