May 20, 2013

  • Gold testing hourly cloud. Price must sustain above the cloud and 100 Period SMA for a possible trend reversal in this time frame.
  • 4 Hour chart with fib levels shows immediate resistance levels.
  • ES one hour trading above the cloud and support lines.
  • 4 Hour channel shows price trading in the bullish part of the channel.
  • Support in daily chart is seen at 332 levels.
  • Daily MACD shows a sell signal But price has to close below 20 SMA for a bigger fall to happen. Taking support at 20 SMA may lead to an up move.
  • Below 332 next support level is at 38.2% Fib level.


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My Favourite Quote

"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