August 11, 2015

  • Crude oil falling resistance line and cloud continues to act as stiff resistance. Price is violating the daily support zone. Bigger correction if this level is not held. A reversal from the current levels can be only confirmed if price is able to sustain above the 4 hour cloud.

  • Gold 4 Hour chart shows an up move. Up move is likely to face resistance at the broken support zone shown in weekly chart. Price unable to move past the above mentioned level will result in further corrections and new lows.

  • Silver daily shows good up move as price broke above the falling resistance line. But price is testing 50 day SMA and previous support which may act as resistance for the current up move. bigger up move will be possible only if price moves above these two 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