September 10, 2012

GOLD Trend update

  • Gold four hour chart shows it making newer highs without major corrections.
  • Daily chart is pausing at 78.6% Fib level. Breakout above 1741 should target levels like 1763 and 1790. Weakness only on sustaining below 1716 levels.
  • Weekly chart shows crucial resistance just above Golden ratio. Last two major attempts to move up has failed near this level.

EURUSD Chart analysis

  • EURUSD Day is closer to the falling trend line in daily chart.
  • Daily chart is also testing 200 Day SMA.
  • Last chart shows price breaking above a  channel. Price falling back into the channel will be negative . rising support line and 20 SMA are crucial support levels.

NIFTY Chart analysis

  • Nifty daily chart shows a range of 5215 - 5448
  • For bulls upward momentum will be intact above 20 day SMA
  • 2nd chart shows price getting support at the rising support line. The bullish cross of 20 and 50 Day SMA doing well. Price staying above 20 SMA will extend gains for bulls.
  • 3rd chart shows price between fib levels of 38.2% - 50%. Last chart shows a possible resistance line in weekly chart which may stop bulls from making bigger gains.