September 29, 2011

  • Triangle support line is violated. Breaking below 1141 will extend profits for bears.
  • Hour chart of gold shows a range 
  • 100 Hour SMA is acting as resistance.
  • Price breaking above 100 hour SMA will take gold to the top of the range.
  • Bigger up move possible if the range is violated on the up side.
  • Unable to break above 100 Hour SMA will favor bears of gold.
  • NF is still inside the range shown yesterday.
  • Price testing the top of the range. Price sustaining above 4995 may lead to a bigger rally.
  • Getting resisted here will result in a pull back.
  • Last two attempts to stay above 20 day SMA has failed.
  • Weekly chart is shown in important support level which is between 1100 - 1120.
  • Price falling into this level may result in another bounce.
  • For bears they need to break the support line shown in weekly chart.
  • Monthly chart too shows Price taking support @ 50% Fibonacci level. So price is near a crucial support level right now.
  • Up move in us dollar may continue only when a weekly candle closes above 200 Week moving average.


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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