- Silver four hour chart shows resistance zone at 28.80 - 28.92
- Four hour chart also shows resistance at 38.2% Fibonacci level.
- Daily chart shows price violating 20 day SMA. During this down move attempts to sustain above 20 day SMA has failed so price has to trade above the resistance zone shown in the above charts for a sustained up move to happen.
June 1, 2012
- Gold testing 50 Day SMA. Closing the day and week above this level may carry this upward momentum for the coming weeks.
- 38.2% Fib level too has to be taken out by gold bulls to extend this up move.
- Gold has crossed the high of last two week candles and a weekly close near the high of the week will favor gold bulls for the coming week.
- Bearish flag shown at the end of this post has given a breakdown.
- Spot targets for today are 4837 and below that next support levels are at 4804 and 4789
- Last chart shows a bearish flag kind of pattern. But bulls will be able to move up if price breaks above the dotted line. Breaking the support line of the channel will favor bears.
- Crucial levels are 4883 on the lower side and for a bigger up move hour has to close above 200 Hour SMA.
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