September 1, 2016

  • Gold 4 hour chart shows price continues to fall down in channel
  • Hourly cloud continues to keep price below it. gold bears will remain strong below the cloud.
  • There is a falling wedge pattern which will favour only if price starts to trade above 1314 and 1318 levels.

  • Crude oil 4 hour chart shows price falling from the Descending triangle pattern. Price could not hold above the rising trend line drawn in the same chart. Next possible target or support level if the fall continues is the 50% Retrace level drawn in Daily time frame.

  • 4 Hour chart shows price crawling back into the range. But the up move does not look strong.
  • As far as price goes the crucial support level is between 2157 and 2164.  Daily chart also shows a rising support resistance line and 50 Day SMA as crucial support levels.


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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