September 17, 2016

  • The Primary direction of weekly chart is up and within this up move price moved sideways towards the up trend line. Gold likely to decide if the trend is to continue or to break the rising support line within a week or two.
  • 4 Hour chart shows price moving sideways in a channel of 70 points. This channel is likely to resolve soon. Mostly these patterns go in favour of the prevailing trend which is bullish for Gold.

  • Crude oil one hour chart shows a potential reversal pattern provided price stays above 43 levels and the support line of the pattern.
  • 4 Hour chart and daily chart shows price resting near 43 level which is an important support level.
  • Daily close below 43 may take price towards 200 Day SMA.


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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