In last session we witness some sideways move with the upside bias,Gold price is in weekly demand zone need faster move to confirmation.
Weekly trend is up Check Weekly NEo Wave Plot
We have seen the contraction in lower time frame chart and on friday got the breakout of this contraction and taken pause at demand zone.But till we never get an confirmation of that demand zone need faster upside to confirm demand zone.Expanding triangle in daily chart.As well as we can see the trendline resistance on 4hourly chart one can initiate the long above trendline check forth chart.
For today and for this week 1221.32 is very important supporting level,till price is above this level one can expect another upside,Close below given level can leads the fall in gold prices.
Demand-Supply Zone::
Price is in the weekly demand zone so we have to use daily demand zone for the entry.
Demand Zone::1244.26-1224.92
Supply Zone::1268.53-1262.42
Gold price is below some moving averages and pivot levels so minor strength is there.
Gold price is till below all SAR levels so major weakness is till there,above daily and 4hourly SAR level strength will come.
(For SAR level check last image)
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Thank You.
Happy Disciplined Trading.
Weekly trend is up Check Weekly NEo Wave Plot
We have seen the contraction in lower time frame chart and on friday got the breakout of this contraction and taken pause at demand zone.But till we never get an confirmation of that demand zone need faster upside to confirm demand zone.Expanding triangle in daily chart.As well as we can see the trendline resistance on 4hourly chart one can initiate the long above trendline check forth chart.
For today and for this week 1221.32 is very important supporting level,till price is above this level one can expect another upside,Close below given level can leads the fall in gold prices.
Demand-Supply Zone::
Price is in the weekly demand zone so we have to use daily demand zone for the entry.
Demand Zone::1244.26-1224.92
Supply Zone::1268.53-1262.42
Gold price is below some moving averages and pivot levels so minor strength is there.
Gold price is till below all SAR levels so major weakness is till there,above daily and 4hourly SAR level strength will come.
(For SAR level check last image)
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Thank You.
Happy Disciplined Trading.
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