- Price is not showing any weakness in both short time frames like 15 Minutes or in Four hour chart.
- Bears shall hope that 200 period moving average stop this move. If it does not stop there then price may move towards the resistance line shown in last chart.
- SILVER @ 50 SMA
- GOLD Bearish engulfing pattern is giving good gains for bears of gold.
- But a double top kind of correction may be possible only if the trend line shown in the second chart gets broken.
- 1726 and 1702 levels may also act as support.
- SILVER TESTING 50 SMA
- SILVER is testing its 50 Day Simple Moving Average.
- Recent attempts to close below 50 SMA has not been successful.
- There is a trend line support too below 50 SMA as shown in the second chart.
- So a big breakdown may happen only if price falls below the supporting trend line shown in second chart.
- BEARISH ENGULFING OF GOLD
- Price is about to retrace 50% of the fall from 1229.
- This up move will sustain if price stays above 50 period moving average and the 50% Fib level.
- If price breaks above 50 period sma then it may go till 200 period sma in four hour time frame.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Attempt of GOLD to stay above 1912 has failed.
- Now the correction is taking it to its support level between 1807 - 1823
- Gold is trading in a broad range of 1726 - 1912.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- As discussed in the below chart price made it to the resistance line. Now for this up move to continue it should stay above the resistance line of the broadening pattern.
- Nifty Futures will favor bears only if it falls below 5070 levels.
CHART-I
- Nifty hour chart moving in channels and moving inside a bigger pattern.
- Price is moving towards the resistance line of a broadening pattern. It is also an Inverted HNS pattern.
- Hour with MACD is starting to diverge But price may go up some more before it take effect.
- Price action is favoring bulls for the short term.
- If price stays above 38.2% (5110) Fib level then 5 Week High EMA will be the first target.
- Price sustaining above 20 DMA will help bulls to extend gains.
- The Unfilled GAP near 5230 levels and 50% Fib level may act as resistance if nifty gets there.
- Bears need to hope for a break below 5 day Low EMA and a daily close below 23.6% Fib level.
- US DOLLAR VIOLATING RESISTANCE LINE
- S&P 500 EOD ANALYSIS
