March 20, 2015

  • Gold bulls trying to move above the 4 hour cloud. Last attempt to do so was failed.
  • Hope for a bigger bounce for gold bulls depends on the weekly close. If week closes at the current levels or higher the up move may extend into the next week.

  • Silver trading above the falling resistance line in daily time frame
  • Price trading above 20 Day SMA.
  • Immediate resistance levels are 38.2% Fib level and 50 Day SMA.

  • Facebook making new high's
  • Weekly MACD is looking good for bulls. Bulls need to confirm this price action on weekly closing basis.
  • For bulls price need not close below 80 levels. Hope for bears only if this happens.

  • Falling wedges acts mostly as bullish reversal pattern.
  • Weekly chart is nearing a crucial support zone between 317 - 330. Bigger falls possible if this zone is broken.
  • Tata steel bulls must sustain above 342 which is the golden ratio. They must also move above the daily cloud for a possible reversal to start.

  • No major change in the trend of gold yet. Only the weekly time frame is trying to put up a Bullish candle. For a possible weekly bounce to happen Gold bulls need to close the week higher from the current levels.


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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