July 8, 2015
- Gold daily testing support zone.
- Week is trending below the cloud. If the weekly time frame is to continue the trend daily support zone is at risk. Weekly cloud continues to act as stiff resistance.
- If bounces from daily support zone an up move possible towards the upper end of the range shown in first chart
- Nifty is above 100 day SMA and the Golden ratio. Although in positive zone yesterday's candle shows indecision. Bulls are seeing a possible Bullish W pattern with possible targets around 8800 levels. For that price need to stay above the daily cloud. Closing back into the cloud will strengthen bears.