July 15, 2016

  • The triangles discussed earlier in 4 hour and one hour are yet to resolve. Volatility is likely to increase when price moves out of the triangle.


  • Trend line violation shows weakness in one hour time frame. Bears need price to sustain below one hour cloud for bigger correction to happen.
  • SILVER SUPPORT AND RESISTANCE LEVELS
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  • Gold 30 Minutes chart shows a strong down move in place. 1320 and 1310 are crucial levels for gold bulls to hold above. Bigger weakness if price starts to trade below 1310 levels. 
  • SILVER SUPPORT AND RESISTANCE LEVELS
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  • Silver trying to stay above 4 hour cloud which will help silver bulls to extend this up move. Weakness only if price moves or closes below the cloud.
  • Weekly chart is approaching stiff resistance zone. 21.50 - 70 levels are previous resistance zone in this time frame. Price likely to consolidate below this level. For a bigger move on silver price must close above this 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