As weekly trend is up we witness some upside in last session.
Check Weekly NEo Wave Plot.
We witness the expanding triangular activity in gold prices, After the expanding triangle its very difficult to retrace the entire Wave-E.
We can see all the indicators are in overbought zone in lower time frame,so i think its time to cool down that indicators.
Also we can see in 4hourly candlestick chart price is unable to cross the upper trendline.(Check third chart)
We can see some triple zigzag activity may going on in daily chart.
Some sideways with upside bias moves expected for today.
One can use weekly support-resistance for entry.
Because of above all reasons Buy On Every Dips Should Be Respected.
Demand-Supply Zones::
We can see in forth chart last session also price is unable to hold supply zone and breaks another one supply zone.
Supply Zone::1319.28-1308.64
Demand Zone::1244.26-1224.92
Gold prices are above all key moving averages as well as above all pivot levels so minor strenth is there.
First time from last 2-3 month price goes above monthly SAR level.Means Major trend is changed.
Major strength is there till price is above All SAR level.
(For SAR level Check Last Image)
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Thank You.
Happy Disciplined Trading.
Check Weekly NEo Wave Plot.
We witness the expanding triangular activity in gold prices, After the expanding triangle its very difficult to retrace the entire Wave-E.
We can see all the indicators are in overbought zone in lower time frame,so i think its time to cool down that indicators.
Also we can see in 4hourly candlestick chart price is unable to cross the upper trendline.(Check third chart)
We can see some triple zigzag activity may going on in daily chart.
Some sideways with upside bias moves expected for today.
One can use weekly support-resistance for entry.
Because of above all reasons Buy On Every Dips Should Be Respected.
Demand-Supply Zones::
We can see in forth chart last session also price is unable to hold supply zone and breaks another one supply zone.
Supply Zone::1319.28-1308.64
Demand Zone::1244.26-1224.92
Gold prices are above all key moving averages as well as above all pivot levels so minor strenth is there.
First time from last 2-3 month price goes above monthly SAR level.Means Major trend is changed.
Major strength is there till price is above All SAR level.
(For SAR level Check Last Image)
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Thank You.
Happy Disciplined Trading.
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