- Gold month chart shows a possible support line rising from 681 levels through 1046. This support line for this month falls around 1096 for this month.
- If this line is not held then price may test 1046 levels.
- 4 Hour chart shows strong trend below 50 Period SMA. No reversal or bounce in sight as price continues to get resist at 50 period SMA
- SILVER Month Chart
- Nifty Daily shows a bearish head and shoulder pattern. Before discussing the Targets of the pattern we should see the immediate levels first. 8056 level should be broken for the pattern to progress further. Below 8056 bears should be able to test 7916 level to complete the pattern formation. So First bears need to stay below 8056 for the pattern formation to progress.
- Rules of the pattern suggests possible 700 points on the downside approximately. Since the pattern is so obvious its questionable how its going to work. But i am just showing what's there on the chart. What bears need to see is the Death Cross and break below 7900 levels.
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CRUDE Oil chart update
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- Immediate resistance for Facebook is at the falling 50 Day SMA. If price is able to cross this line on closing basis then a test of 123 and the GAP is area is possible. This area may act as stiff resistance zone.
- Support is near 113 levels.
- Moving averages is showing a possibility of a Death cross.
- For bigger moves price must resolve the range between 113 and 123.
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CRUDE Oil chart update
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- Crude oil month chart shows price moving above crucial resistance level between 51 and 52. Crude bulls of higher time frame needs a Month close above this zone.
- Weakness levels are shown in daily time frame.
- Weakness below 51.62 levels
- Selling level if price falls below 49.61
- SILVER Month Chart
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- Weekly chart shows resistance near 119 levels if price stays above 115 levels.
- Weakness if price falls back below 50 Day SMA near 112 levels.
- SILVER Month Chart
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- Silver month chart shows a down swing towards the Trend line drawn from 2005 Lows. For this to happen price should break below 15 levels.
- Immediate support for Silver near 15.80 levels. More weakness only on week staying below this level.
- 4 Hour chart shows the double top the subsequent fall and the Immediate resistance at 16.16 levels. For a bounce to happen price should sustain above 16.16 levels.
- GOLD Trend update
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- Gold 4 hour chart shows price continues to trade below the cloud. Price sold off as it neared the cloud.
- 50 Period SMA acted as strong resistance as well. There were 3 Bullish attempts which failed at this moving average.
- Now for a sudden bounce to happen price must get back into the pattern shown in 3rd chart.
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