In last session we witness some sideways move with projected upside bias in gold price.And price reverse from crucial level.Today also this crucial level will decide the trend for week or two weeks.
(Check last image)
Today either i will label give as X-wave or we will get an post pattern implication of zigzag/impulse.
After the expanding triangle we witness the fall in price which is impulsive in nature.
If i label as X-Wave then we will witness more fall in gold price,otherwise trend will change.
Weekly trend is till up Check Weekly NEo Wave Plot.
For today 1232.99 is very important level which will decide the trend for next two weeks.If price breaks the 1232.99 then we can see the upside in next two weeks otherwise downtrend will continue.
One can initiate the long above give level,We can see the trendline resistance on 4hourly chart one can intiate the long above this level.(Check first image)
Demand-Supply Zone::
In last session we witness the exact bounce from weekly demand zone and makes short term high and reverse from the lower time frames supply zone.
But i think weekly demand zone is till strong one can use to initiate the long.
Demand Zone::1216.46-1204.58
Supply Zone::1319.25-1308.64
Gold price is below all key moving averages as well as pivot levels so major weakness is there.
Gold price is till below all SAR levels so short term weakness is also there,Only above daily and 4hourly SAR level minor strength will come.
(For SAR level check second last image)
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Thank You.
Happy Disciplined Trading.
(Check last image)
Today either i will label give as X-wave or we will get an post pattern implication of zigzag/impulse.
After the expanding triangle we witness the fall in price which is impulsive in nature.
If i label as X-Wave then we will witness more fall in gold price,otherwise trend will change.
Weekly trend is till up Check Weekly NEo Wave Plot.
For today 1232.99 is very important level which will decide the trend for next two weeks.If price breaks the 1232.99 then we can see the upside in next two weeks otherwise downtrend will continue.
One can initiate the long above give level,We can see the trendline resistance on 4hourly chart one can intiate the long above this level.(Check first image)
Demand-Supply Zone::
In last session we witness the exact bounce from weekly demand zone and makes short term high and reverse from the lower time frames supply zone.
But i think weekly demand zone is till strong one can use to initiate the long.
Demand Zone::1216.46-1204.58
Supply Zone::1319.25-1308.64
Gold price is below all key moving averages as well as pivot levels so major weakness is there.
Gold price is till below all SAR levels so short term weakness is also there,Only above daily and 4hourly SAR level minor strength will come.
(For SAR level check second last image)
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Thank You.
Happy Disciplined Trading.
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