XAUUSD Weekly NEo Wave Plot (09/02/2015)

In last week we witness the sideways and downside moves in gold price,In my last weekly report i was projected some downside moves and we witness the move which is very near to weekly low.(Check the last image)

NEo Wave Logic::

• From last two week we witness the zigzag pattern,In this week either we witness some sideways move which may be Wave-X or We may witness some upside in faster way which is post pattern implication of zigzag.
• In larger pattern from last few months we are witnessing the breakout of contracting triangle.
• In that post pattern implication of contracting traingle we witenss new low in gold prices.
• As per post pattern implication of limiting contracting triangle price will reach at apex point after the new low,and we witness same.
• In that wave we witness the Expanding triangle,And if my count is correct then for few weeks/months gold may never exceeds the last legs low.

For this week 1221.32 is very important supporting level and i am expecting targets like 1360.99/1393.95 in 1-2 months.
If price close below 1221.32 one can initiate the sell position otherwise one can use the every dip to buy.
We can see the trendline resistace on 4hourly chart.
So for this week Buy on Every dips is recommanded till price close below 1221.32

Weekly Supply-Demand Zone::
Price is trading in demand zone,need sharp upside for confirmation.
Supply Zone::1319.25-1308.64
Demand Zone:: 1244.26-1224.92 if breaks this zone then next zone is 1216.46-1204.58

Gold price is below all important moving averages as well pivot points so minor weakness is there.
In last session gold breaks all SAR level and makes new weekly low so till major weakness is there.
But is price goes above Daily and Weekly SAR level then Short term strength will come,Above 4hourly SAR level Minor strength will come.
(For SAR level check second last image)
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