December 29, 2016

  • Gold bulls trying to move above 100 Period SMA and Cloud In 4 Hour chart after a Long GAP. 
  • Gold Bulls can gain more strength only above 1152 and 1167 levels for a bigger bounce to follow.
  • Weakness resumes below 1136.
  • Hourly price structure looks bullish and will stay bullish only till price stay above 8021 levels. Moment price breaks below 8021 Bulls become weak with a chance to retest the recent lows again.
  • Break above 8100 and 200 Hour SMA will strengthen bulls further.
  • 15 Minutes is also stuck between 8021 and 8100

  • Daily chart shows 20 Day SMA as immediate resistance. If Bulls able to close above 20 then 8274 and the falling resistance line shown in chart 1 will act as resistance BUT The bounce is already loosing momentum. Bulls need a close above 8100 to extend this bounce further. More weakness if Price starts to trade below 8000 levels.
  • NIFTY support levels


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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