Gold today

[pon]

yellow line below black is a SELL and the reverse is buy. All time frames show a sell. But the zigzag shows that the prices are near a low zigzag. It is better to enter a sell from a high zigzag.

Hence let us see if the prices reverse from 1625.75, which is the 161.8 level for yesterday's high and low in H1.



if it goes below 100 level, ie 1622.20, then the prices, would be doing a double mountain, taking the prices to a drastic fall.

[pon]

As expected prices did fall drastically confirming a SELL trend. Prices are expected to touch at least 1546. If it goes below 1520, which is most likely, then the prices are expected to reach 1100 this year.


But we need to SELL from a HIGH. So it would be worthwhile to wait for a HIGH ZIGZAG to form to enter a SELL. 1626.06 is a strong resistance level to SELL. Any price around that price point can be an entry point for a SELL.