November 16, 2011

CHART-II
  • Gold sustaining below 100 period SMA of four hour time frame is bearish. Bulls has to fight back and close above this moving average for avoiding bigger falls.
CHART-I
  • Gold is violating the support line of the triangle.
  • Price has to break below crucial moving averages for the fall to accelerate.
  • ES DIAMOND PATTERN UPDATED
CHART-II
  • Silver Triangle shown below has given good short trade. Now price is testing Crucial moving average in four hour time frame. Bears can extend gains if they manage to close and sustain below 200 SMA.
CHART-I
  • Silver four hour chart is consolidating in a triangle pattern.
  • Breakout on the upside has to trade above 50 week moving average for bigger moves.
  • Breakdown from the triangle may give a good short trade.
  • GOLD CHART ANALYSIS

  • MACD and Stochastic are favoring Bars as of now. Stochastic yet to reach oversold levels.
  • If the down move extends 61.8% or the Lower Bollinger band may come to play. 
  • Price has closed at 50 SMA. Another candle forming below 50 SMA will add more trouble for bulls.
  • Bulls shall hope to get back above 50 SMA on closing basis again.
  • GOLD SUPPORT AND RESISTANCE LINE
  • CRUDE OIL - CRUCIAL WEEKLY RESISTANCE LINE
CHART-II (UPDATED)
  • Diamond posted yesterday has remained within the pattern. Price is now closer to the apex of the pattern. Breakout from this pattern may resolve the triangle pattern too.
CHART-I
  • ES is caught in a diamond pattern.
  • Diamonds can form at the top or at the bottom, This pattern has formed in a larger triangle pattern. So breakout from this pattern may give a clue for which side the triangle pattern is going to get resolved. 

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"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