- Weekly chart of silver with possible resistance levels.
- 50 Week moving average which was broken may act as resistance.
- 33.90 is an important support in weekly chart which was broken this may also act as resistance.
- So for bulls of silver has to sustain above these levels to continue this pull back.
- GOLD RESISTANCE LEVELS
September 27, 2011
- First chart is gold daily time frame with 100 day SMA. Price should close and sustain above it for the reversal to continue.
- Second chart is the weekly time frame with the channel. Price is hitting the channel top line. Price should stay above this channel if it is to make another big up move.
- For bulls the daily candle with long shadow should act as a long term support level. Corrections into the Shadow of this candle may get buying support.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SBI is approaching resistance line again.
- Last hit at the resistance line gave a nice short trade.
- We shall wait for negative candles near the resistance line for going short.
- One should also keep in mind the bullish possibility too as daily time frame is trading above 20 day moving average Hence breakout can be used to go long.
- If bulls are able to sustain above 1164 they may be able to target 20 day moving average and 38.2% Fibonacci level.
- Immediate resistance is the 50 Hour moving average then in daily time frame a falling 50 day moving average will be tough to cross. Ichimoku cloud too looks strong in daily time frame.
- SILVER BOUNCED FROM 100 WEEK SMA
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