January 9, 2017

  • Gold 4 hour chart is testing another resistance zone at 1180.
  • Weekly resistance is near 1200. This zone was previous support which may act as resistance now.
  • Weakness if price falls back below 1170 levels. Bigger up move possible only if price is able to sustain above 1200 zone.
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  • Crude oil is falling towards crucial support levels.
  • Bigger weakness only if price falls below 52 and 200 period SMA.
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  • Crude oil weekly chart shows previous resistance line acting as crucial support. As long as this line holds there is no threat of a bigger correction.
  • 4 Hour chart is shown with immediate support and resistance numbers.
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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