- ES Four hour chart with 50 period Moving average.
- Price has given a pull back from this moving average twice during this up move.
- Price is testing the moving average again. Higher low Higher High structure is not yet violated. Breaking the last swing low will change things in favor of bears.
- GOLD NEAR 50 DAY SMA
- Nifty weekly candle is testing its 20 week moving average or the Middle Bollinger band. A convincing close above this level can extend this up move. On the contrary if the weekly candle closes below 20 Week SMA we may see some bearishness.
- Daily chart too has resistances in the form of 100 SMA and the GAP. GAP closes at 5323.
- GOLD DAILY CHART ANALYSIS
- Gold having given a breakout above 20 SMA is moving towards its 50 Day Simple Moving Average.
- Day closing above 50 SMA will add strength for the current up move.
- Getting resisted here and giving bearish daily candles may result in a correction.
