December 5, 2016

  • Gold 4 hour chart shows below the cloud and 50 period SMA.
  • Price action continues to form new lows Thus favouring Gold bears.
  • For a possible reversal price need to stay above 50 period SMA. For now the trend continues to favour Gold bears.
  • Nifty hour has fallen below 50 Hour SMA. Price earlier showed weakness as it neared 200 Hour SMA.
  • Its also another dip below 200 SMA. Now if the correction continue Bulls must hope for a double bottom formation around 7900 levels. 
  • Crucial levels for the fall are 8000 and 7916.


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"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