June 26, 2016

  • Gold weekly chart shows price trying to move out of a broadening pattern. Price need to stay above 1325 levels for another attempt to breakout of this pattern.
  • Month chart shows price moving into strong resistance zone between 1340 - 1350.  A Bigger breakout in Gold only if this monthly resistance zone is cleared. 

  • Crude oil Daily chart continues to trade above 50 Day SMA. Hope of a bigger fall for crude oil bears only if price starts to close below this line.
  • Price in weekly is trading in a 6 Point range between 45 levels and 51 plus levels. This range must be resolved on closing basis for bigger action to happen.
  • Weekly chart shows a bearish PIN BAR. 2 bearish candles followed the PIN BAR Keeping the bearishness of the candlestick pattern intact. For bigger falls price has to trade below 45 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