August 26, 2016

  • Gold bulls unable to sustain above the broken support zone of 1335.
  • One hour chart too shows price falling back into the bearish channel
  • Gold bulls need at least an hourly close above 1335 for gaining strength.

  • Price remains range bound.
  • Bulls testing the top of the range.

  • Gold bulls need to break and sustain above 1335 and the falling resistance line shown in one hour chart for a bigger up move to happen.
  • Unable to break above these levels may resume correction.

  • Crucial levels for the next few hours are 2175 and 2165,
  • 4 hour charts shows price positioned in favour of bears for now. 

  • Nifty one hour chart shows price breaking below the diamond pattern. But bigger time frames suggest that nifty bears need to do more for a bigger fall to follow.


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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