August 30, 2016

  • Silver daily chart shows price trying to hold above 50% Fib level.  Weekly chart also shows price trying to stay above crucial support resistance zone. closing below the marked zone will change the price structure in favour of silver bears.
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  • Possible resistance line in 4 Hour chart. For that line to work price need to stay below 47.23 level which is shown in one hour chart. Weakness only if price stay below 47.23 levels. 
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  • Falling gold is approaching crucial support zone between 1310 and 1319. If price stays below the falling resistance line then this zone will be tested. More weakness only if 1310 level gets broken. Close back above the trend line may lead to a reversal.
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  • Nifty one hour chart shows the broad range in which price is trading for now. Price is moving towards the upper end of the range.
  • Daily time frame shows price taking support at lower BB. Price for now is staying above 20 SMA. for now price is in bullish zone of the Range. Weakness only if price falls back below 20 SMA.
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  • Price back into the range as shown in 4 hour time frame.
  • Big lower shadows of candles in Daily time frame shows Strong attempt by bulls to keep the bullish structure intact.
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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