GOLD Trend update

• The trend lines and Moving averages are getting tested again. This time the price action also suggests that bulls are getting exhausted after a good run, But the directional change is yet to be confirmed. Bears can gain strength only if price starts to trade below 1200 levels again. Usually after such bullish moves price starts a consolidation sideways move to keep both bulls and bears guessing before taking a directional move again.

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ES Daily chart update

 

• ES daily chart shows another triangle shaped contraction. First one gave a bearish move. 
• 20 Day SMA is acting as support on closing basis recently. Price did violate this line but day's did not close below it. Closing below this line will tilt the balance in favour of bears. Sustaining above it may result in an upper breakout.

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CRUDE Oil Chart update

• Crude oil 4 hour time frame shows price dipping below 200 Period SMA a crucial moving average for this time frame.
• Horizontal support level is at 50.73.
• Last chart shows possible support line.  Crude bears will gain strength below this line.

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NIFTY Morning Update

• Nifty Daily has a 50 Point GAP between 8460 and 8510. If Price takes out the recent high's again this GAP is likely to be filled.
• Weakness if price falls below 8373 and 50 Hour SMA on closing basis.
• Bulls on larger time frame need a close above 20 Week SMA to gain further momentum.  

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EURUSD moves above 50 Day SMA

• EURUSD Daily is above 50 Day SMA.
• If price sustain above this line its likely to target 1.0760 and 1.0860 levels soon.
• Weakness resumes only if price falls back below 50 SMA again. 

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CRUDE Oil Technical analysis

• Crude oil bulls managed to sustain above crucial support zone of 52.09
• Price for now is staying above 100 Period SMA. 53.50 Is a possible resistance zone. If stays above this level then Crude may target 54.30 levels. Weakness here may take price back to 52.09 levels again.

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NIFTY Morning Update

• First chart with Higher Highs shows 8449 as the next level to continue the trend. More strength for bulls if stays above this level.
• For Hour weakness starts below 8373 and the rising 50 Hour SMA.
• 30 Minutes cloud shows price riding the trend. Bulls safe till price stay above the cloud.
• GOLD Weekend update

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