March 12, 2012
- For bulls of gold price need to trade above 50 Day SMA.
- For bears sustaining below 50 SMA and breaking the key support level of 1663 will result in good correction.
- Fibonacci levels shown in last chart may act as support.
- SILVER WEEKEND UPDATE
- Reliance daily looks like it may give an oversold bounce. But price has to sustain above 50 Day SMA for the bounce to extend.
- Weekly chart looks weak, Weekly stochastic does not look good for bulls of this stock. For avoiding a fall price must sustain above Weekly mid bollinger band. Unable to sustain above this level will result in a fall towards lower BB.
- NIFTY WEEKEND UPDATE(GOLDEN CROSS)