January 16, 2017

  • Silver daily moving towards 100 Day SMA. Bounce can extend only if price is able to move above 100 SMA. Weakness resumes if daily falls below the trend line.
  • Weekly chart shows clear down trend in place. Price resuming down trend after small bounces. For now 15 Plus levels is holding. One has to wait and see if this turns out to be a weekly reversal or bears resume the down trend by breaking below 16 again.
  • GOLD Weekend update
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  • ES 4 Hour chart shows resistance level between 2274 - 2278.
  • Immediate support line at 50 Period SMA. This line is getting tested now. If price sustains above this line an up move towards the resistance zone discussed above is possible.
  • Staying below 50 Period SMA Can take price below 2260 and lower levels.
  • GOLD Weekend update
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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