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Source: Admiral Markets MT5 with MT5SE Add-on - Gold Daily Chart
Gold has formed a descending zigzag pattern suggesting further bearish movement. The POC zone where the sellers might be appears to be between 1199.25-1205. Rejection from the zone targets 1181 and 1169.70, only below W L3, and the price should resume towards 1154. 1215 needs to hold if bears want to be in full control.
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
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