August 3, 2016

  • Gold 4 hour chart shows crucial resistance zone around 1370 levels.
  • Price testing hourly cloud. closing below it may extend the correction.
  • For bigger up moves price must close above 1370 - 1377 levels.
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  • Price continues to stay below the broken range. Price closed below the 4 Hour cloud.
  • If sustains below 2155 and 100 SMA this correction may extend.
  • If a bounce happen the broken support levels may act as resistance.
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  • One hour sustaining below 100 Hour SMA is bearish. Next crucial support line is 200 Hour SMA. Trend will turn completely in favour of bears if 200 Hour SMA Is broken. If stays above it an up move is possible.
  • Support line drawn in 30 Minutes is getting violated. If not held bigger falls are possible.


  • 4 Hour chart shows price violating the middle of the range. A Daily close below 8584 may strengthen bears further.
  • 30 Minutes shown with possible support line. This has held so far. But price is falling fast so the chances of holding above this line is small. Bulls hoping this will be held for the day.
  • CRUDE Oil Weekly Fib 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