July 31, 2013

  • Gold one hour and 4 Hour charts near crucial support lines.
  • Daily chart is testing 50 Day SMA.
  • Holding these levels an up move is possible. Daily close below 50 Day SMA may result in a fall.

  • BAC Violating the resistance line of the pennant.
  • For bulls price has to move above 50 Hour SMA for a possible retest of the recent highs. 

  • EURUSD 4 Hour chart violating 50 period SMA. Closing below this line may give a good trade as it has done in the recent past.
  • Last chart shows price moving towards 23.6% Fib level. Falling below this level may give a bigger fall for EURUSD.
  • For bulls of EURUSD Need price to close back above 50 period SMA to avoid a fall.
  • TESLA Motors shows divergence in daily time frame with RSI. Price has to break below 20 Day SMA for a possible fall towards 50 Day SMA or the channel support line.
  • Strength on sustaining above 133.25.
  • Weakness below 128.18
  • Gld Daily chart shows price testing 50 Day SMA.
  • Weekly chart shows price at 23.6% Fib level.
  • Price levels also shows price near previous support level which is acting as resistance. GLD Must break and sustain above these levels for a bigger up move to happen

  • Copper 4 Hour chart shows a channel breakdown.
  • Weekly chart shows price near the 2011 lows again. 
  • Copper bulls need to take support at the weekly levels shown in second chart and do a breakout above the resistance line for a bigger up move to happen.
  • Weekly close below the support lines will extend the fall in copper.

  • Price took support near 20 Day SMA.

  • Daily chart with MACD Shows weakness before the results announcement.
  • Weekly chart is reacting from the falling resistance line.
  • Price testing 20 Day SMA. Sustaining below this level may lead to more weakness. For bulls must protect 20 Day SMA to move higher.


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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