September 14, 2016

GOLD Channel and Range

  • Last chart shows price in a broad range between 1300 -  1377 level. Within this range price is moving in a bearish channel. Immediate resistance at 50 Hour SMA. Sustaining above this line may result in a bounce.

ES chart analysis

  • Weekly chart shows price trying to hold on to previous resistance zone. For a bigger fall bears must break and stay below this level.
  • Daily chart also shows 38.2% and previous resistance acting as support for now.