December 7, 2016

GOLD Testing resistance line and moving average

  • 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.

Descending Triangle of CRUDE Oil

  • 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.

S&P 500 Futures chart update

  • 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.