200 day SMA and channel bottom support coinciding as shown.
A crucial level hence a bounce or break could be highly decisive in determining the direction of NIFTY in days to come.
For now we are on wait and watch mode.
the day chart of xau contract is shown, a recent candle shows attempt to take support at lower levels, charts are sideways at the moment with some decent bullish possiblities , bullishnes will show in this order
1 the price on day chart should move above the blue falling trend line
2 the horizontal red line marks the first resistance on the upside
the possible triangle and rectangle are shown....there are good chances that the corrective will be over in the coming week and this will give a trending move, as far as the direction of move is concerned , the best practice is to wait for price acceptance outside the boundary of corrective , and than initiate trade .