March 30, 2015

  • The fall from shooting star and 200 SMA in daily chart continues to look good for gold bears.
  • Now One hour and 4 Hour time frames are nearing possible support levels. If these are held gold may give a bounce within the shorter time frames.
  • Bigger correction if 200 SMA is not held.

  • On closing basis crucial number on daily chart is 17830. Bulls need to stay above this level on closing basis to avoid a test of 200 SMA.
  • Price action in weekly chart is not looking all that encouraging for bulls as can be seen in 3rd chart.
  • Daily RSI is oversold, But if this is going to be a trending down move the oversold can remain oversold for long time. So its crucial for Bulls to stay above 200 SMA for an up move to happen.

  • Gold one hour chart shows price contraction between support and resistance levels.
  • Support for the time frame seen at 100 SMA. Crucial resistance in Hourly cloud.
  • There is weakness in daily time frame which can change if Hour breaks above the cloud. Bigger correction if 100 Hour SMA does not hold.


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"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."
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