In last session first few hour we witness the upside and after that we witness the fall in gold price.And after todays opening we have seen the price reversal from daily demand zone.
Weekly trend is till up.(Check Weekly NEo Wave Plot)
For today 1196.93/1194.51/1188.22 are two important supporting levels and i am expecting short term targets like 1229.21/1245.83 and more.
We can see the contracting bias on larger time frame and expanding bias on small time frame.
Last four time support taken at lower trendline of expanding traingle.
For the confirmation need the faster retacement in price.
Demand-Supply Zone::
From last 2-3 times we witness the upside bounce from weekly demand zone.And in last session also we witness the bouce from Daily Demand Zone.
Price is respecting demand zones,but unable to make higher high patter.
Demand Zone::1199.18-1195.28
Supply Zone::1219.49-1217.08
Gold price is below all key moving averages as well as pivot levels,so minor weakness is there.
Gold price is below all SAR levels,so major weakness is there,Above Daily and 4hourly SAR level more strength will come.
(For SAR level chack last image)
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Thank You.
Happy Disciplined Trading.
Weekly trend is till up.(Check Weekly NEo Wave Plot)
For today 1196.93/1194.51/1188.22 are two important supporting levels and i am expecting short term targets like 1229.21/1245.83 and more.
We can see the contracting bias on larger time frame and expanding bias on small time frame.
Last four time support taken at lower trendline of expanding traingle.
For the confirmation need the faster retacement in price.
Demand-Supply Zone::
From last 2-3 times we witness the upside bounce from weekly demand zone.And in last session also we witness the bouce from Daily Demand Zone.
Price is respecting demand zones,but unable to make higher high patter.
Demand Zone::1199.18-1195.28
Supply Zone::1219.49-1217.08
Gold price is below all key moving averages as well as pivot levels,so minor weakness is there.
Gold price is below all SAR levels,so major weakness is there,Above Daily and 4hourly SAR level more strength will come.
(For SAR level chack last image)
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Thank You.
Happy Disciplined Trading.
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