February 23, 2013

  • GLD Weekly chart with Stochastic shows Oversold readings. 
  • Daily chart shows the Death cross. But price has moved away too much from the key moving averages so price may do a reversal to the mean or a pause at the current levels.
  • Last chart shows 3 Unfilled GAP's in chart. Oversold condition of GLD may lead to a reversal attracting price towards these unfilled gap's.
  • Weekly chart shows its first bearish weekly candle after 7 consecutive green candles. The place of the red candle at a possible resistance line also look significant for bears cause.
  • Daily candle coming back to close above 20 Day SMA or Middle BB should give some relief for bulls.
  • Last chart the 30 Minutes time frame shows price near a crucial support resistance zone. Bulls may regain control above 1514 - 1515 level. 
  • Hour trend continues to favor Silver bears.
  • First chart shows price continues to make new lows.
  • Hourly ichimoku cloud acting as stiff resistance.
  • Right now price is shown in a range in 30 Minutes chart. Down trend may continue on breaking range support area.


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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