January 2, 2017

  • Gold 4 hour staying above cloud and 100 Period SMA will favour gold bulls. Weakness in price structure only if price starts to stay below 1144 levels.
  • Crucial resistance in chart is at 1167. Sustaining above 1167 will add more strength for Gold bulls for targets like 1180 and Higher. Below 1144 the recent lows are likely to be tested.
  • ES Year end charts
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  • Price moving below crucial support levels for this time frame.
  • 200 Period SMA Is the crucial moving average above which ES bulls need to stay to avoid a bigger breakdown.
  • ES Year end charts
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  • Nifty month chart shows the bounce from 7900 zone.  This is more likely to be a bounce rather than a reversal towards 8900 zone.
  • Weakness may resume on any of the resistance levels shown in charts.
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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