Last entire week we witness the sell off in gold prices, gold broken important level 1272.
Something complex correction is happening with double zigzag pattern.
Last week we witness the Wave-A of zigzag,Wave-B and Wave-C we will witnessing in this week,Wave-B Goes up.and Wave-C goes down ,Means Sell On Rise Should Be Respected.
Downside target may leads 1240/1230 and much more.
Simple candlestick chart showing some triangular breakout.
From last year Indian gold is under performing (Please Check 5th chart).
Gold's weekly closing is below key moving averages so long term weakness is there.
Daily gold closing is below some key moving averages so intraday weakness is also there.
Above Weekly and Monthly SAR Major Trend May Change.
Above Daily SAR level Minor Strength Will Come.
Below 4hourly SAR level Minor weakness will come.
(For SAR Level's Check Second Last Image,For Latest Hourly SAR Level Check On Facebook)
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Initial Watch:-
Positive:-If XAU/USD Is Able To Break 1271.90/1280.60 Then Only Some Upside Possible.
Negative:-If XAU/USD Is Unable To Break 1271.90/1280.60 Then We Will Witness Some Downside Targets Like 1240.93/1232.23 And More.
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Thank You.
Happy Disciplined Trading.
Something complex correction is happening with double zigzag pattern.
Last week we witness the Wave-A of zigzag,Wave-B and Wave-C we will witnessing in this week,Wave-B Goes up.and Wave-C goes down ,Means Sell On Rise Should Be Respected.
Downside target may leads 1240/1230 and much more.
Simple candlestick chart showing some triangular breakout.
From last year Indian gold is under performing (Please Check 5th chart).
Gold's weekly closing is below key moving averages so long term weakness is there.
Daily gold closing is below some key moving averages so intraday weakness is also there.
Above Weekly and Monthly SAR Major Trend May Change.
Above Daily SAR level Minor Strength Will Come.
Below 4hourly SAR level Minor weakness will come.
(For SAR Level's Check Second Last Image,For Latest Hourly SAR Level Check On Facebook)
--------------------------------------------------------------------------------------------------------------------------------
Initial Watch:-
Positive:-If XAU/USD Is Able To Break 1271.90/1280.60 Then Only Some Upside Possible.
Negative:-If XAU/USD Is Unable To Break 1271.90/1280.60 Then We Will Witness Some Downside Targets Like 1240.93/1232.23 And More.
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For Intraday Update-Facebook-----------------------------------------------------------------------------------------------------------------------------
Thank You.
Happy Disciplined Trading.
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