In last session first few hours we witness the fall in price and after that we witness the exact price reveral from weekly demand zone.
Check Weekly NEo Wave Plot
In last session price broken 1191.22 but it is unable to give the close below this level,We witness the new low after the breaking this level,but we witness the exact price reversal after entering in demand zone.(For Demand zone check second last chart)
For today if price is able to give close below 1188.20 then we can see more downside in gold price,and if it will unable to give close below 1188.20 then we can see the higher high pattern in gold price.
We can see the trendline in 4 hourly chart,Price is trying to break this trendline four time but able to break,Which makes this trendline more week.
One can iniate the buy position above this trendline.(Check second and forth chart)
We can see the lower trendline is break in gold daily chart,But it is unable to give the close below this trendline break,Which increase the possiblity of fake breakout.
Above 1211.27 more strength will come,above this one can buy aggressively.
Demand-Supply Zone::
We can see the price is taken reversal from exact weekly demand zone.We can see the daily demand and supply zone.
Demand Zone::1192.58-1193.63
Supply Zone::1211.88-1209.72
If this zone or weekly zone breaks then i will update it on my facebook page,One can get the link of page at the end of this report,Below all charts.
Gold price is below all key moving averages as well as below all pivot levels so minor weakness is there.
Gold price is below all SAR level ,Above Daily and 4hourly SAR level minor strength will come.
Keep eyes on Weekly SAR level above this level long term trend may change.
(For SAR level check last image)
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Thank You.
Happy Disciplined Trading.
Check Weekly NEo Wave Plot
In last session price broken 1191.22 but it is unable to give the close below this level,We witness the new low after the breaking this level,but we witness the exact price reversal after entering in demand zone.(For Demand zone check second last chart)
For today if price is able to give close below 1188.20 then we can see more downside in gold price,and if it will unable to give close below 1188.20 then we can see the higher high pattern in gold price.
We can see the trendline in 4 hourly chart,Price is trying to break this trendline four time but able to break,Which makes this trendline more week.
One can iniate the buy position above this trendline.(Check second and forth chart)
We can see the lower trendline is break in gold daily chart,But it is unable to give the close below this trendline break,Which increase the possiblity of fake breakout.
Above 1211.27 more strength will come,above this one can buy aggressively.
Demand-Supply Zone::
We can see the price is taken reversal from exact weekly demand zone.We can see the daily demand and supply zone.
Demand Zone::1192.58-1193.63
Supply Zone::1211.88-1209.72
If this zone or weekly zone breaks then i will update it on my facebook page,One can get the link of page at the end of this report,Below all charts.
Gold price is below all key moving averages as well as below all pivot levels so minor weakness is there.
Gold price is below all SAR level ,Above Daily and 4hourly SAR level minor strength will come.
Keep eyes on Weekly SAR level above this level long term trend may change.
(For SAR level check last image)
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For Intraday Update-Facebook-----------------------------------------------------------------------------------------------------------------------------
Thank You.
Happy Disciplined Trading.
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