- Lest start with the weekly bullish divergence which is the only positive thing seen in chart for bulls. But for this to work well price need to move and sustain above 200 SMA. Daily chart clearly shows a bearish channel, Price need to move out of the channel for bulls to gain some momentum.
- Triangle discussed in previous post is working well for gold bears. For deeper falls price need to sustain below the broken support zone.
- One hour chart shows a well formed triangle pattern. Price is near crucial support and resistance levels as shown in daily and 4 hour charts. Breakout or breakdown from triangle may give good direction for Gold.
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- Nifty is testing its 100 week sma. Last time price did give a bounce from this line as shown in first chart.
- Although daily MACD Looks good for bulls, price need to sustain above 7900 levels for strength. 8050 is another strong resistance zone. Weakness if price starts to trade below 7690 levels on daily closing basis.
- Gold daily and week charts shows bulls barely holding on to the support levels. 4 Hour cloud is acting as stiff resistance as price tries to move up. Bears need a weekly close below the support levels.
- Silver week trying to hold above support zone.
- Daily chart too shows price trying to stay above recent swing low.
- More strength if price able to sustain above 4 hour cloud. Unable to move above cloud may result in crucial technical breakdown.
- ES although testing resistance levels price is trying to form a cup and saucer kind of pattern in 4 hour chart which is bullish.
- Bulls need price to move above the yellow shaded zone for extending the up move.
