November 27, 2013

  • Gold getting resist at the falling resistance line and near 50 period SMA.
  • 4 Hour cloud too looks strong resistance zone.
  • Price likely to test the recent low at 1227 again.
  • Last chart is the crucial one, It shows the daily time frame with price breakouts above 50 Day SMA. Price after moving around 50 SMA has given good up moves. Daily chart also shows a series of higher lows which is likely to continue.

  • First two chart shows possible breakdown in weekly time frame. If its confirmed with a weekly close then the target is about 8 points on the downside from the breakdown area.

  • ES one hour chart with immediate support levels.


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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