Gold has been trapped within a rectangle range between the two POC zones. Trend lines are also marking congestion that follows the range play. There are two possible scenarios inside the range. A rejection from the lower POC 1216-1218 zone towards 1227.65-1230 and the rejection from the upper POC zone 1230-1232.50 towards 1220. The rectangle will be broken if the price makes a clear close below the lower or upper boundaries. Breakout below should aim for 1213 and 1205. The upper breakout should target 1240.50.
- W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
- W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
- D L3 – Daily Camarilla Pivot (Daily Support)
- D L4 – Daily H4 Camarilla (Very Strong Daily Support)
- POC – Point Of Confluence (The zone where we expect the price to react aka entry zone)
Best wishes,
Nenad
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