March 20, 2018
- Gold daily time frame shows price near the apex of the pattern Price likely to exit the pattern soon. As it is a descending triangle, Also looks like a rounding top, Most expected price action is on the downside with targets of 1290 and 1270 levels.
- On the contrary some descending triangles does move in the opposite direction as well. So an upper breakout cannot be ruled out from the support zone around 1310.
- Nifty week shows price at crucial support resistance zone near 10100.
- Traders also look at 10000 as crucial round number.
- But most important here is the bounce happening from 50 Week SMA. If Week manage to hold above this line then a bounce is possible. Daily did violate 200 SMA. Weekly equivalent of 200 SMA is the 50 Week SMA. So bears need a weekly close as well below 50 to confirm bigger bearish scenario.As of now 50 Week SMA is holding for bulls.