October 30, 2014

S&P 500 Ichimoku cloud analysis

  • For the very short term One hour time frame has given support.
  • Daily though is acting as resistance. Price need to stay above the daily cloud for extending the up move.
  • Weekly chart shows price acting as support for the recent correction.

GOLD chart analysis

  • Gold Bounce in daily time frame was limited to the Ichimoku cloud.
  • Now price is testing the crucial support zone shown in weekly chart.
  • If the basing formation continues another bounce is possible. Gold bears need a weekly close below this zone for bigger breakdowns to follow.