- Dow Jones Daily chart is testing the previous resistance area.
- 10425 is a crucial support Closing below this will be negative. Bearishness will increase if price manages to close below 50 day moving average.
- If price sustains above 50 DMA a turn around is possible for bulls.
- GOLD Testing the trend line
May 17, 2011
- First chart shows price hitting the support line of the small channel drawn in daily time frame. So it is at a make or break area.
- Next chart shows price forming a descending triangle pattern in daily chart. Price is above its 50 day moving average.
- Hour chart looks interesting, Price is converging between 50 Hour and 200 Hour Moving average, So we must get the first clue from the hour time frame to which direction this is going to breakout.
- SLV ANALYSIS