- Gold bulls trying to hold on to crucial support zone. Price staying below 50 period SMA is negative for bulls But Gold bears need to do more and stay below 1220 levels for bigger falls to follow.
- Staying above 1220 Gold bulls can make a comeback to extend the up move.
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- nifty 30 minute chart shows price in a range between 8715 and 8822
- As the Hourly chart shows price continues to trend above the cloud. Weakness only if price falls below the cloud.
- Last chart shows a possible upper breakout. Weakness only if price start to close below 8715 levels.
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- Gold 4 hour chart shows previous resistance line acting as support.
- This line is around 1224 levels for the coming week.
- Rising 50 Period SMA can also act as support in this time frame. 4 Hour candle closing below this moving average can lead to bigger fall. Similar set up is shown on the left and side. For now though staying above 50 Period SMA price is likely to move towards 1245 levels first.
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- ES weekly chart shows price near resistance line
- Daily chart with MACD is developing negative divergence. Correction may start once price hits the resistance line shown in weekly chart.
- Weekly resistance line for next week is around 2319 levels approximately.
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- Crude oil daily and 4 hour chart shows price moving into a resistance zone.
- Crude bulls need a daily close above the resistance zone for bigger up moves to follow.
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- ES Daily chart shows a possible rising wedge.
- Price testing the resistance line now. If the resistance line stops the up move here then pattern will stay intact.
- Weakness only if price falls back below 2299 levels.
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- Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
- Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.
