September 5, 2013

  • Gold daily chart shows weakness. 
  • Confluence of support around 1330 - 1340 zone may avoid a bigger fall in gold.
  • Breaking below this zone on closing basis may change the bullish structure of short term charts.

  • 4 Hour chart shows price testing crucial 38.2% Fib level
  • One hour chart shows  a bullish cross with 50 and 200 Hour sma.
  • Hour in a small trading range. Bullishness will be intact as long as price stays above 50 and 200 Hour SMA.


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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