December 8, 2016

  • Weekly chart shows price pausing at golden ratio. Weekly candles did violate this level But Gold bears are unable to close the week below this level.
  • for gold bulls 50 Period SMA of 4 hour time frame is acting as stiff resistance.
  • So crucial levels on closing basis are 1180 and 1160. violating these levels again on CLOSING basis may trigger a bigger directional move.
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  • Crude oil one hour chart shows bulls taking support at falling support line.
  • Bigger fall when and if price falls below 200 Hour SMA.
  • Bounce may last longer if price stays above 50 Hour SMA.
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  • One hour chart shows price moving towards the resistance zone near 8250
  • Price is moving around 200 Hour SMA.
  • Between 8249 and 8285 there is an unfilled GAP which may also act as resistance.
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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