August 26, 2012

  • Gold has closed above 50 Week SMA.
  • Price has also closed above weekly falling resistance line.
  • Last two charts shows levels which may act as resistance. If price breaks these two levels on closing basis we may see a bigger up move in gold.

  • Crude oil shows  a bearish candle at golden ratio
  • Daily chart too closed below 200 Day SMA.
  • If price sustains below these two resistance levels we may see correction in the coming weeks.
  • Last chart shows possibility of a bigger move which is possible if price starts to trade above last weeks candle. Price breaking below 50 Week SMA which is near 95 will favor bears of crude oil.

  • SPX Shows a MACD Sell signal after negative divergence.
  • Sell signal will be effective only if price starts to trade below 20 day SMA. For now price is getting support at 20 Day SMA.
  • Last chart shows strength above 1406 and 1422 which are resistance levels. For a possible breakdown price must fall below the rising support line from 1266 through 1331.


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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