September 8, 2012

  • BAC Closes the week above its resistance level 8.4
  • Breakout does not show an increase in volume.
  • Weekly chart is closer to a breakout above the cloud. Recent attempts to breakout above the cloud has failed as seen in the third chart. for a bigger up move price must breakout above the weekly cloud.
  • Last chart shows price with possible Fibonacci resistance levels.

  • Gold has given a weekly cloud breakout.
  • Gold avoided a bearish weekly candle on chart
  • Next resistance levels are near 1787 and  1802
  • Two resistance levels 1787 and 1802 are near the golden ratio as shown in the last chart.


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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