- First chart shows price contraction in one hour time frame.
- for bulls 100 Hour SMA is the crucial line to hold above.
- For today 2176 and 100 Hour SMA line is crucial to hold, If broken 2169 and 2150 levels are possible.
- Bulls of One hour time frame safe till price stay above 100 Hour SMA.
- GOLD Weekly support zone and Hour chart analysis
November 18, 2016
- Weekly chart shows strong support zone near 1200 levels (1190 -1200)
- Hour chart shows 100 Hour SMA as resistance line. Recent attempt to stay above it has failed. Gold bulls must sustain above this line for a bigger bounce to happen.
- Targets for the day or resistance levels are 1221 and if price stay above this level 1232 is possible.
- ACC Month chart.
- Up trend line Drawn from the 2008 Lows.
- Price likely to test this line again. ACC Bulls need to stay above this line to keep the bullish structure intact.
- If the up trend line gets violated then February low of 1174 is likely to be tested. So ACC Bulls need to hold onto the up trend line to avoid further weakness.
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