October 31, 2014

  • Week and Day shows price violating crucial support levels.
  • Month chart is testing a crucial long term trend line. If this one too goes on closing basis then gold is likely to see bigger falls.


  • While the weekly and Daily Medium term signals looks good for bears, Bulls may get a bounce from the Golden ratio and the GAP Fading as shown in chart 2 and 3.
  • Bears need the weekly candle to close at the lows today. Yesterday's Doji candle may spoil a perfect bearish weekly candle though.

  • Reliance industries heading into a resistance line and daily cloud.
  • Price need to sustain above 50 day sma to extend this up move.
  • Clearing 1010 - 1015 levels on closing basis may give bigger up moves. Weakness at the resistance line may lead to a correction

  • Silver daily getting resisted near 50 Day SMA
  • Hour chart shows a range breakdown.
  • sometimes before a big reversal a false spike below the recent low is possible. If daily does not give a lower close there is hope for silver bulls. But for now it remains a hope for those who were long.
  • All major time frames remain in favor of bears.


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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