- Silver 4 hour chart shows support and resistance lines of a contraction pattern.
- Daily chart testing crucial falling resistance line from 24 levels.
- last chart shows price at 38.2% Fib level which has acted as resistance so far.
- GOLD AT CRUCIAL RESISTANCE ZONE
January 20, 2014
- Gold nears the falling resistance line. 2nd chart shows price near 100 Day SMA.
- Fib levels shows price above 38.2% Fib level. This area has been acting as supply zone for gold for sometime now. Price breaking and closing above 50% Fib level may give an extended up move. Price closing below 38.2% Fib level will be bearish.
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- NIFTY Daily chart shows price in a trading range. Immediate levels are 6358 and 6129.
- Daily cloud is acting as support.
- Price also testing 23.6% fib level. closing below this level should give a fall towards the range support or 38.2% fib level.
- Bigger fall only if price closes below the cloud.
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