From last three sessions we are witnessing some sideways and contracting bias in gold prices,
When contraction come,something big moves comes.
Weekly trend is till up Check Weekly NEo Wave Plot
Form last two days gold is unable to break given range, For today also i will suggest to intiate the buy position only above 1286.20 and sell position only below 1250.34
We can see the contracting bias on daily and lower time frame chart.(Check first and second chart)
We can see the trendline resistance on 4hourly chart.One can intiate the long after breaking the trendline.
Demand-Supply Zone::
Demand Zone::1262.41-1255.32
Supply Zone::1282.59-1279.03
We can see price is trading in demand zone form last two days which decrease the importance of that zone,Need faster retacement for confirmation.
Gold price is above all key moving averages as well as pivot level so minor strength is there.
Gold price is below daily and 4hourly SAR level so minor weakness is there,above strength will return.
(For SAR level chack second last image)
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Thank You.
Happy Disciplined Trading.
When contraction come,something big moves comes.
Weekly trend is till up Check Weekly NEo Wave Plot
Form last two days gold is unable to break given range, For today also i will suggest to intiate the buy position only above 1286.20 and sell position only below 1250.34
We can see the contracting bias on daily and lower time frame chart.(Check first and second chart)
We can see the trendline resistance on 4hourly chart.One can intiate the long after breaking the trendline.
Demand-Supply Zone::
Demand Zone::1262.41-1255.32
Supply Zone::1282.59-1279.03
We can see price is trading in demand zone form last two days which decrease the importance of that zone,Need faster retacement for confirmation.
Gold price is above all key moving averages as well as pivot level so minor strength is there.
Gold price is below daily and 4hourly SAR level so minor weakness is there,above strength will return.
(For SAR level chack second last image)
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Thank You.
Happy Disciplined Trading.
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