Our Preference: Sell Below 1218 and 1230 for the target of 1194
Alternative Scenario: Nill
Technical Commentary: In weekly chart :- Last week gold was closed below the key support level and its was broken the key support of lower trend line, so its conforming for the selling side, so we can sell near the key resistance levels and except upto next key support level :- which we have shown in attached image.
In Daily Chart :- Gold was broken major key support level of horizontal line and its closed as bearish candle and its was tested the retracement level of 50% so this week we can except some correction upto intraday resistance level of 1218, so we can sell below the resistance level of 1218 levels and except upto next key support level :- which we have shown in attached image.
In 4 Hour Chart and 1 Hour Chart:- Gold was trading in the equidistant channel lines and it was safely reached the lower trend line of equidistant channel lines so we can except some correction from lower trend line and we sell near the intraday key resistance levels and except upto next key support level :- which we have shown in attached image.
In weekly chart :- Last week gold was closed below the key support level and its was broken the key support of lower trend line, so its conforming for the selling side, so we can sell near the key resistance levels and except upto next key support level :- which we have shown in attached image.
In Daily Chart :- Gold was broken major key support level of horizontal line and its closed as bearish candle and its was tested the retracement level of 50% so this week we can except some correction upto intraday resistance level of 1218, so we can sell below the resistance level of 1218 levels and except upto next key support level :- which we have shown in attached image.
In 4 Hour Chart and 1 Hour Chart:- Gold was trading in the equidistant channel lines and it was safely reached the lower trend line of equidistant channel lines so we can except some correction from lower trend line and we sell near the intraday key resistance levels and except upto next key support level :- which we have shown in attached image.
In 4 Hour Chart and 1 Hour Chart:- Gold was trading in the equidistant channel lines and it was safely reached the lower trend line of equidistant channel lines so we can except some correction from lower trend line and we sell near the intraday key resistance levels and except upto next key support level :- which we have shown in attached image.
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