- Dow Jones week and daily charts are showing weakness at previous resistance levels. Bears need the day and week to close at the current levels. Day closing below 20 Day EMA will be even better for bears.
- An intraday rally and closing near day high's will help bulls to continue the trend.
- Immediate support for ES is between 1329 - 1330 level and 50 Period SMA of four hour time frame. Candles closing below these levels may lead to an extended correction.
- Bearish candle at 100 SMA gives a correction.
- Bigger fall only if 1.3080 and 50 Day SMA is taken out by bears of EURUSD.
- Above mentioned levels may also act as support levels.
- Silver four hour chart shows a range between 32.94 and 34.51.
- 200 SMA stands above the range which will act as stiff overhead resistance for silver.
- Unable to break and close above 200 SMA will lead to a breakdown below 32.94 which may give 31 levels for bears of silver.
- RANGE OF GOLD
- Weakness only if price breaks and closes below the range.
- Day closing above 5400 or inside this range will continue to favor bulls as the trend is yet to weaken
- Bears has to break multiple support levels in 50 Hour moving average and Range support line.
- RANGE OF GOLD
- Nifty continues to close the days above important resistance levels. Today's weekly close if happens above the 50% Fib level then the next logical target should be the Golden ratio shown in the last chart. So today's closing is crucial.
- USDINR TREND UPDATE
- First chart shows support and resistance lines of gold. second chart shows 100 Period SMA which may act as strong support in the short term. But a breakdown below these levels cannot be ruled out because of the bearish patterns in week and daily chart CLICK HERE TO SEE THE PREVIOUS POST ON GOLD
