January 21, 2011

DAILY CHART OF GOLD
GOLD WEEKLY CHART
GOLD WEEKLY CHART
  • First chart is the daily chart of gold with 50 day moving average.
  • Price has started to move away from the 50 DMA.
  • Next important support level in daily time frame is at 1314 area.
  • Weekly chart too gives a bearish picture with price breaking 20 week moving average.
  • But the trend line in weekly chart shows a correction in a larger bull market. Unless price breaks below the weekly trend line this will end up as a pull back followed by another up move.
  • SILVER LOOKS WEAK

  • Price is trying to break above 1283.50
  • Price sustaining above this level will favour bulls.
  • Price getting resisted here may trigger a correction again.
  • SILVER LOOKS WEAK

  • NF Hour chart with a rectangle pattern.
  • It seems NF will remain range bound for some time to come.
  • Only a decisive break of 5750 or 5620 can give direction. 
  • Nifty is moving in a sideways direction for the past few day's.
  • Break of either the 5 day high ema or the 200 Sma can give good direction.
  • Price and stochastic are hinting at an oversold bounce. to be confirmed by a close above 5750 - 5770 area.
  • SILVER CHART ANALYSIS

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"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