July 21, 2016

  • Price for now is staying above 1310 levels and the Rising support line from 1209 levels. For a bigger reversal price should move past the falling dotted resistance line shown in chart 2. For gold bears need a break and close below 1310 for extending the correction.
  • CRUDE OIL CHART UPDATE
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  • Crude oil triangle gave a false breakdown and price back in to the contraction. Price is also trying to stay above the 4 hour cloud. Close outside the triangle may give bigger directional move. 
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  • ES 4 hour chart continues to be strong in favour of bulls. No weakness here till price stays above crucial moving averages.
  • 1 Hour is kind of moving sideways but here as well one cannot confirm any weakness yet. Weakness in hour if price starts to trade below 2150 levels. More strength above 2170 levels. 
  • GOLD SUPPORT LEVELS
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"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