May 28, 2012

  • Gold Four hour chart with support and resistance lines. Trading above 1584 will result in an up move towards 1599 levels.
  • Resistances are 20 period SMA of four hour chart and 20 Day SMA. Bulls must trade above this level to target 1600 and above. Negative candles here will favor bearish trades.

  • Crude oil is trying to get out of the descending channel as shown in the first chart.
  • But price is still below crucial resistance levels.
  • The cloud of four hour and the 20 Day SMA shown in last chart are crucial resistance levels for Bulls of crude oil to cross.
  • Weakness near the four hour cloud may result in another down move.

  • Week MACD and stochastic suggests a possible up move But as shown in the 3rd chart price need to sustain above 5 Week LOW EMA and breakout above 4960 levels for a bigger up move to happen.
  •  Failure to trade above 4960 will result in another down move.


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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