- 4 Hour triangle has resolved in favour of bears But for them price need to stay below 44.40 levels on closing basis.
- Daily chart too shows price at 100 SMA. Crude bears need a daily close below this line to avoid a reversal from this moving average.
- GOLD SUPPORT AND RESISTANCE LEVELS
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- Price for now is staying above 1310 levels and the Rising support line from 1209 levels. For a bigger reversal price should move past the falling dotted resistance line shown in chart 2. For gold bears need a break and close below 1310 for extending the correction.
- CRUDE OIL CHART UPDATE
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- Crude oil triangle gave a false breakdown and price back in to the contraction. Price is also trying to stay above the 4 hour cloud. Close outside the triangle may give bigger directional move.
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- ES 4 hour chart continues to be strong in favour of bulls. No weakness here till price stays above crucial moving averages.
- 1 Hour is kind of moving sideways but here as well one cannot confirm any weakness yet. Weakness in hour if price starts to trade below 2150 levels. More strength above 2170 levels.
- GOLD SUPPORT LEVELS
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- For gold bulls the levels to hold are 1310 and the up trend line shown in chart 2 both in 4 hour time frame. Sustaining below 1310 longer will strengthen gold bears further.
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- EURUSD One hour chart shows price contraction. Although Hour is trending down this pattern is a possible bullish reversal one. For EURUSD Bulls price need to move above hourly cloud for bigger reversal to happen. Price unable to move above the cloud will favour EURUSD Bears.
- GOLD Triangle Breakdown
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- Gold One hour shows price breaking below the triangle consolidation.
- 4 Hour chart shows approaching support levels. If falls below 1320 then 1310 levels are likely to act as support. Bigger correction if 1310 level is not hold on closing basis.
- GOLD WEEKLY BEARISH ENGULFING
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