In last session gold price broken important supporting level which is 1221.32,but unable to fall sharply below this level.
We are witnessing expanding triangle is gold price,After the last leg we witness the fall in price.This fall is come as impulsive in nature.In lower time frame we witness the contracting triangle breakout which is come as zigzag pattern and in last session we witness the last leg of zigzag.Today we may witness the X-Wave or post pattern implication of zig zag.
For today i will suggest to take rest till trendline break or resist at trendline.If resist at trendline then we can see another one fall in gold price,If not then we can see the faster upmove in gold price.
(Check the first and second chart)
One can intiate the long above 4hourly chart's trendline breakout.(Check forth chart)
If price resist at trendline the i will label it as X-wave and if not then we can see the faster upside which is post pattern implication of zigzag patter.
Demand-Supply Zone::
In last session we witness the demand zone breakout.And also we can see the exact reversal from weekly second demand zone.(Check second last chart) Breaking of another demand zone creates the more pain in price,But i think price will reverse from this demand zone.
Demand zone ::1216.46-1204.58
Supply Zone ::1268.53-1262.42
Gold price is below all key moving averages as well as all pivot levels so major weakness is there.
Gold price is below all SAR levels so short term major weakness is 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.
We are witnessing expanding triangle is gold price,After the last leg we witness the fall in price.This fall is come as impulsive in nature.In lower time frame we witness the contracting triangle breakout which is come as zigzag pattern and in last session we witness the last leg of zigzag.Today we may witness the X-Wave or post pattern implication of zig zag.
For today i will suggest to take rest till trendline break or resist at trendline.If resist at trendline then we can see another one fall in gold price,If not then we can see the faster upmove in gold price.
(Check the first and second chart)
One can intiate the long above 4hourly chart's trendline breakout.(Check forth chart)
If price resist at trendline the i will label it as X-wave and if not then we can see the faster upside which is post pattern implication of zigzag patter.
Demand-Supply Zone::
In last session we witness the demand zone breakout.And also we can see the exact reversal from weekly second demand zone.(Check second last chart) Breaking of another demand zone creates the more pain in price,But i think price will reverse from this demand zone.
Demand zone ::1216.46-1204.58
Supply Zone ::1268.53-1262.42
Gold price is below all key moving averages as well as all pivot levels so major weakness is there.
Gold price is below all SAR levels so short term major weakness is 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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