June 19, 2014

  • Gold moves above 50 and 200 Day SMA
  • Daily cloud too is broken by gold bulls. Daily candle closing above the cloud will add strength for gold bulls.
  • Last chart shows immediate fib resistance levels.

  • EURUSD Weekly chart shows price moving up from 23.6% Fib level.
  • Four hour chart too is trying to stay above the cloud. Recent attempt to stay above the cloud for this time frame was failed.
  • Now the crucial level here is the 200 SMA of Daily time frame. Unable to clear this level on closing basis may resume selling.

  • Nifty trying to hold above 5 Day Low EMA. Price is also trading near 20 Day SMA. Last touch at 20 Day SMA Gave a big up move.
  • Last chart shows price testing the rising trend line from 6600 levels. If the trend line holds an up move is possible. For bears need a close below 20 Day SMA.
  • Gold daily charts are moving towards the resistance confluence again.
  • Gold bears will feel safe till price stays below the daily cloud.

  • Crude oil daily chart shows price falling towards previous resistance level which may act as support initially.
  • Second chart shows Fib support levels. for now price testing 23.6% Fib level. Price also near 4 Hour cloud.


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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