In last session first we witness some upside and after few hours we witness the sidways with some downside bias moves in gold price.
We can see price is very near to important lower trendline supporting level,If holds we can see price above 1300 and if unable to hold then we may see the price below 1100 and more.
Till today i have preffered structure is Expanding Triangle till price will not break 1160,Then only downside possible in price till i am with my target above 1300.
For today 1196.48 is important supporting level and i am expecting bounce from that level,If this level break then we can see some more downside in price.(Check first chart)
One can initiate the buy above 4Hourly chart breakout.Or above last sessions high(Check Second and forth chart)
Demand-Supply Zone::
Price has taken turn from weekly demand zone.
Demand Zone::1194.73-1167.48
Supply Zone::1191.11-1183.23
Gold price is below all important moving averages as well as pivot levels so major weakness is there.
Gold price is below all SAR levels so short term weakness is there,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.
We can see price is very near to important lower trendline supporting level,If holds we can see price above 1300 and if unable to hold then we may see the price below 1100 and more.
Till today i have preffered structure is Expanding Triangle till price will not break 1160,Then only downside possible in price till i am with my target above 1300.
For today 1196.48 is important supporting level and i am expecting bounce from that level,If this level break then we can see some more downside in price.(Check first chart)
One can initiate the buy above 4Hourly chart breakout.Or above last sessions high(Check Second and forth chart)
Demand-Supply Zone::
Price has taken turn from weekly demand zone.
Demand Zone::1194.73-1167.48
Supply Zone::1191.11-1183.23
Gold price is below all important moving averages as well as pivot levels so major weakness is there.
Gold price is below all SAR levels so short term weakness is there,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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