December 7, 2016

  • Gold testing crucial resistance levels.
  • For a bigger bounce price must sustain above 50 Period SMA and the resistance line.
  • Weakness if price falls back below 1160 levels again.
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  • Crude oil one hour chart shows a Descending triangle pattern.
  • Crucial levels are 50.14 as the levels for Crude bears to break and 51.10 is the level for Bulls to break and stay above. Bigger directional moves possible if these levels are broken with momentum.
  • For crude bears price need to continue staying below hourly cloud.
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  • Crucial numbers shown in 4 hour time frame.
  • 50 period SMA is crucial support line. possibility of a bigger fall only when price stays below this line.
  • Weakness may take price to the support line shown in 30 Minutes chart.
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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