October 31, 2014

GOLD Month and Weekly chart update


  • 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.



TWITTER Chart analysis

 

  • 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 chart analysis

  • 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 Testing recent lows

 
  • 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.
  • SILVER TREND UPDATE
-->