In last session for few hour we witness the fall in gold price,makes a new low as i told in last session's report,And another important think we witness in last session that is Price reversal from exact trendline support.
From last few weeks we are witnessing Expanding Triangle in gold price,And the important characteristic of Expanding triangle is it will not break the low made by last leg.(High in downtrend and low in uptrend) i am telling this characteristic from last few weeks and till i am expecting upside from current level,the low made by Wave-E will not break for next few months which is 1166.48 if breaks then only i have to think about alternative scenario.
This view is not only for today its for next 2-3 weeks,1176.99 is important level for next few weeks if price is able to hold then we can see targets like 1300/1320 and more otherwise we can see the more downside in gold price.
We can see on Daily NEo Wave chart as well as Daily Candlestick chart price is taken support of lower trendline.(Check first and third chart)
One can initiate the long above 4hourly trendline breakout.(Check Second or forth chart)
We can see new short term high above 1300 if given level holds so buy on every dips is recommanded till price break and give close below 1176.99.
Demand-Supply Zone::
In last session's report i have given new weekly demand zone,and we can see the exact price reversal before reach in zone.(Check second last chart)
Demand Zone::1194.73-1167.48
Supply Zone::1236.59-1227.51
Gold price is below all key moving averages as well as pivot levels so minor weakness is there.
Gold price is below Daily,Weekly and Monthly SAR level and only above 4hourly SAR level so short term weakness is there.
Above Daily and Weekly SAR level Short term trend may change.
(For SAR level check last image)
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Thank You.
Happy Disciplined Trading.
From last few weeks we are witnessing Expanding Triangle in gold price,And the important characteristic of Expanding triangle is it will not break the low made by last leg.(High in downtrend and low in uptrend) i am telling this characteristic from last few weeks and till i am expecting upside from current level,the low made by Wave-E will not break for next few months which is 1166.48 if breaks then only i have to think about alternative scenario.
This view is not only for today its for next 2-3 weeks,1176.99 is important level for next few weeks if price is able to hold then we can see targets like 1300/1320 and more otherwise we can see the more downside in gold price.
We can see on Daily NEo Wave chart as well as Daily Candlestick chart price is taken support of lower trendline.(Check first and third chart)
One can initiate the long above 4hourly trendline breakout.(Check Second or forth chart)
We can see new short term high above 1300 if given level holds so buy on every dips is recommanded till price break and give close below 1176.99.
Demand-Supply Zone::
In last session's report i have given new weekly demand zone,and we can see the exact price reversal before reach in zone.(Check second last chart)
Demand Zone::1194.73-1167.48
Supply Zone::1236.59-1227.51
Gold price is below all key moving averages as well as pivot levels so minor weakness is there.
Gold price is below Daily,Weekly and Monthly SAR level and only above 4hourly SAR level so short term weakness is there.
Above Daily and Weekly SAR level Short term trend may change.
(For SAR level check last image)
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Thank You.
Happy Disciplined Trading.
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