January 5, 2011

  • Gold Trading below its 50 day moving average.
  • Closing below the cloud may extend this correction.
  • This looks like a normal correction that happens in a bull market unless key levels are taken out.
  • If price come back and close above 50 DMA we may see the up trend in action.
  • Staying below 1360 levels will attract selling.
  • ES Four hour chart with 50 period moving average.
  • Price took support at the 50 period moving average today. This moving average in four hour chart has given good support till now.
  • Staying above 1258-1259 level will favour bulls.
  • For bears price should stay below 1258 and the 50 period moving average for creating downward momentum.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore