May 11, 2012

GOLD Chart Analysis

  • Gold bulls trying to hold on to 78.6% Fib level.
  • Price is also at the channel support line.
  • If these two levels hold an up move possible towards the Golden ratio.
  • Breakdown below 1572 on closing basis should give 1522 levels.

SILVER Channels

  • First chart is shown with two channels. Price remaining in the small dotted channel will favor bears to push prices down. If price manage to breakout of the small channel we may see an up move in silver.
  • Resistance in four hour charts are 20 period and 50 Period SMA. And the trend of this time frame will stay down as long as price stays below the cloud.

JP Morgan Chase Support levels

  • As discussed in the below chart price has stopped near 200 sma. momentum is with bears, price closing below 200 sma will extend d fall in the coming weeks. 

  • First chart shows weekly MACD sell signal. Price sustaining below 20 Week SMA should favor bears in the coming weeks.
  • For the trend in daily chart to turn completely in favor of bears price need to break the 200 Day SMA. 200 SMA is near 36.67 this level may and the Fibonacci area shown in the last chart may act as support for today.

Silver weekly trend lines an update

  • The weekly trend line shown in a previous post is getting tested.
  • If the support line fails to hold the down move then silver should test the Support line of the descending triangle.

NIFTY Trend update

  • Nifty continues to sell off near resistance levels.
  • 30 Minutes chart shows price weakness near resistance line and cloud.
  • Daily chart shows price below the crucial Golden ratio. Daily candle closing below this level will weaken the bulls further. Then price may target the shaded area near 78.6% level.
  • So the trend remains down with no reversal in sight both in shorter time frames and daily chart.

BANK NIFTY Chart update

  • 200 Sma will act as resistance on an up move.
  • Price closing the week and sustaining below 50% Fib level will continue to favor bears.
  • Breaking below 9340 may target the Golden ratio and the channel resistance line.

GOLDMAN Sachs Chart analysis

  • GS is falling down in a channel.
  • Price is testing crucial levels like 200 Day SMA and 50% Fibonacci level.
  • Daily close below these levels will strengthen bears of GS Further and a move towards Golden ratio is possible.