March 26, 2016

  • Gold weekly cloud may act as strong support if price extends correction towards it.
  • For now the Weekly resistance line is working for Gold bears. Gold bulls need to stay above this resistance line for a bigger move to follow.
  • 4 hour chart shows weakness as price stays below the cloud.


 
 
  • Month chart shows a possible bullish month candle pending close. Price closing towards the higher end of the candle should extend this up move towards 50 levels in the short term. Day too needs to close above 200 SMA for this move to materialise.
  • 4 Hour chart shows a crucial support line

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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