GD1! trade ideas
GOLD FUTURES (mcx) update price is in side ways phase on medium time frame
which mean on lower time frame price will react as buy on low and sell or rise
the range is 59050 resistance and 58280
currently the price is trading at resistance level
on 15m triangle pattern is forming , which is in between of medium time frame pattern , on medium time frame there is bearish flag so im keeping my bias on sell side
and predicting that price we make breakout from triangle pattern and then form a fake out
and price will try to go back at support of 58500-58250
this is my pov dont trade blindly on it use it as a confluence for your own analysis
GOLD continue to decline again...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