July 1, 2016

 
  • Gold weekly shows price trying to stay above the resistance line of a broadening pattern. Month chart shows price moving into stiff resistance zone. Gold bulls need a monthly close above 1350 levels to keep the bullish momentum intact.

  • ES 30 Minutes cloud continues to act as support. Bears must break below the cloud for a bigger correction to follow. Till price stay above this 2100 plus levels are likely.
  • Daily chart shows price nearing cluster of resistance zone.



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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