Gold is bouncing back by taking support with hammer candle at parallel channel's bottom, and also follow up.
If it holds hammer's low, then it can show momentum towards top of the channel and more.
As per waves structure it's like running flat, in parallel channel as corrective phase, now we can assume that impulse is going to begin or already have started.
Wave Structure could be like this
Key Levels are Mentioned on chart
Running flat in parallel channel
Weekly macd is positive and flat after down tick.
Daily macd positive crossover and Uptick.
Daily RSI is Uptick
Stochastic in daily is positive and Uptick
Convergence in dmi
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing
If it holds hammer's low, then it can show momentum towards top of the channel and more.
As per waves structure it's like running flat, in parallel channel as corrective phase, now we can assume that impulse is going to begin or already have started.
Wave Structure could be like this
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing
YouTube: www.youtube.com/@rk_charts
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
