Silver Weakness at golden ratio

• Silver daily chart shows price getting resisted at golden ratio. Weekly cloud too is acting as resistance as it has done in the recent past as well. Daily unable to sustain above 200 SMA which is another concern for silver bulls.

Nifty chart update

• Nifty has violated crucial support zone as shown in first chart. Second chart shows price approaching crucial support zone between 7960 - 8000 levels.

GOLD Chart analysis

• Gold daily falls back below 200 SMA. The spike above 200 SMA line did not last long. Recent attempt to stay above this line was failed too as seen in chart 1
• Weekly chart continues to show weakness near the cloud.

ES Trend update

• ES Daily is moving towards resistance zone. But price action in chart 2 and 3 continues to favour bulls. Higher lows needs to break for a possible correction to start.

Nifty chart update

• Nifty bulls need to stay above 8100 levels to avoid bigger falls. Bulls also need to avoid the weekly bearish engulfing. Bears may gain momentum if the bearish engulfing gets confirmed tomorrow.
• BANK NIFTY BEARISH ENGULFING

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ES 4 Hour chart update

• First chart shows 4 Hour charts with higher lows being made. Bears will have very little say till this structure changes. Price also taking support at 50 Period SMA.

Silver chart analysis

• Daily chart shows price moving out of a range and price also trying to stay above 200 Day SMA.
• Weekly shows price near strong resistance levels. Daily if shows weakness here may work in favour of silver bears. For now though daily looks bullish. Silver bulls need a higher close to extend gains.