- 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.
- 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.
- APPLE Has broken below the rising wedge shown yesterday.
- Price is finding support at 50 Hour SMA. For further correction today price has to break below 50 Hour SMA.
- For bigger falls bears must take out 20 Day SMA.
- CRUDE OIL WEEKLY CHART ANALYSIS
- CRUDE OIL continue to fall. Price has violated the weekly trend line. Price is testing 78.6% Fibonacci level. Weekly candle closing below this level will further strengthen bears of crude oil.
- Next crucial support levels in weekly chart are 79 - 80 and 74 - 75.
- 78.6% Fib level may act as support.
CHART-II
- 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
CHART-I
- 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.
- SPX Falling wedge daily chart shows a range between 1291 and 1334
- Price is also stuck between 20 and 200 DAY SMA.
- Four hour chart shows a possible falling wedge pattern which will come into play if 20 Day SMA is taken out on closing basis.
