- Weekly chart shows price pausing at golden ratio. Weekly candles did violate this level But Gold bears are unable to close the week below this level.
- for gold bulls 50 Period SMA of 4 hour time frame is acting as stiff resistance.
- So crucial levels on closing basis are 1180 and 1160. violating these levels again on CLOSING basis may trigger a bigger directional move.
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- Crude oil one hour chart shows bulls taking support at falling support line.
- Bigger fall when and if price falls below 200 Hour SMA.
- Bounce may last longer if price stays above 50 Hour SMA.
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- One hour chart shows price moving towards the resistance zone near 8250
- Price is moving around 200 Hour SMA.
- Between 8249 and 8285 there is an unfilled GAP which may also act as resistance.
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- Gold testing crucial resistance levels.
- For a bigger bounce price must sustain above 50 Period SMA and the resistance line.
- Weakness if price falls back below 1160 levels again.
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- Crude oil one hour chart shows a Descending triangle pattern.
- Crucial levels are 50.14 as the levels for Crude bears to break and 51.10 is the level for Bulls to break and stay above. Bigger directional moves possible if these levels are broken with momentum.
- For crude bears price need to continue staying below hourly cloud.
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- Crucial numbers shown in 4 hour time frame.
- 50 period SMA is crucial support line. possibility of a bigger fall only when price stays below this line.
- Weakness may take price to the support line shown in 30 Minutes chart.
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- Crude oil daily chart shows weakness at resistance zone around 52 levels.
- Weekly candle price action is not looking good so far for crude bulls. bulls hoping this may change as week goes by. Crude bears on the other hand need a bearish weekly candle for bigger correction to follow.
- Hour shows crucial support around 50 levels. Bigger weakness if price starts to trade below 50 levels.
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