October 29, 2015

GOLD Chart analysis

  • Gold daily falls back below 200 SMA. The spike above 200 SMA line did not last long. Recent attempt to stay above this line was failed too as seen in chart 1
  • Weekly chart continues to show weakness near the cloud.

ES Trend update

  • ES Daily is moving towards resistance zone. But price action in chart 2 and 3 continues to favour bulls. Higher lows needs to break for a possible correction to start.

Nifty chart update

  • Nifty bulls need to stay above 8100 levels to avoid bigger falls. Bulls also need to avoid the weekly bearish engulfing. Bears may gain momentum if the bearish engulfing gets confirmed tomorrow.