Few weeks back we know gold has done breakout of Limiting Contracting Traingle. and we witness the fall in gold prices.(Know More About Limiting Contracting Triangle)
Last week gold prices breaks the 5 Weeks high. Which is impulsive in nature.
This kind of impulsive nature most of time we can see at the post pattern implication or at the end of important patter.(Know More About Post Pattern Implication)
So one of the two possiblitis are open,For deciding where gold prices will go in next few months we need more price action to decide the label.
For current week important supportive levels are 1172.60/1158.05 and I am expecting target 1247.02 and more.
But below this supporting level major weakness will come.
Normal Candle Stick chart is showing Expansition on Daily chart And Contraction on Hourly Chart(Check Second And Third Image)
Gold prices are above Daily Pivot(Average) level and below Weekly Pivot(Average) Level,It shows some sideways moves in short term.Above weekly Pivot more stength will come.(For Pivot Level Check Last Image Daily and weekly Pivot and average section).
Gold prices are below All SAR level so short term weakness is there.Above Weekly and Monthly SAR level Major trend may change.
Above Daily and Hourly SAR level Short term strength will come.(For SAR Level Check Last Image).
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Thank You.
Happy Disciplined Trading.
Last week gold prices breaks the 5 Weeks high. Which is impulsive in nature.
This kind of impulsive nature most of time we can see at the post pattern implication or at the end of important patter.(Know More About Post Pattern Implication)
So one of the two possiblitis are open,For deciding where gold prices will go in next few months we need more price action to decide the label.
For current week important supportive levels are 1172.60/1158.05 and I am expecting target 1247.02 and more.
But below this supporting level major weakness will come.
Normal Candle Stick chart is showing Expansition on Daily chart And Contraction on Hourly Chart(Check Second And Third Image)
Gold prices are above Daily Pivot(Average) level and below Weekly Pivot(Average) Level,It shows some sideways moves in short term.Above weekly Pivot more stength will come.(For Pivot Level Check Last Image Daily and weekly Pivot and average section).
Gold prices are below All SAR level so short term weakness is there.Above Weekly and Monthly SAR level Major trend may change.
Above Daily and Hourly SAR level Short term strength will come.(For SAR Level Check Last Image).
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Thank You.
Happy Disciplined Trading.
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