GOLD Weekend update

• Gold 4 hour chart shows previous resistance line acting as support. 
• This line is around 1224 levels for the coming week.
• Rising 50 Period SMA can also act as support in this time frame. 4 Hour candle closing below this moving average can lead to bigger fall. Similar set up is shown on the left and side. For now though staying above 50 Period SMA price is likely to move towards 1245 levels first.

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S&P 500 Futures weekend update

• ES weekly chart shows price near resistance line
• Daily chart with MACD is developing negative divergence. Correction may start once price hits the resistance line shown in weekly chart.
• Weekly resistance line for next week is around 2319 levels approximately.

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CRUDE Oil resistance zone

• Crude oil daily and 4 hour chart shows price moving into a resistance zone.
• Crude bulls need a daily close above the resistance zone for bigger up moves to follow.

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ES Analysis before opening bell

• ES Daily chart shows  a possible rising wedge. 
• Price testing the resistance line now. If the resistance line stops the up move here then pattern will stay intact.
• Weakness only if price falls back below 2299 levels.

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NIFTY Chart update

• Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
• Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.

ES Hits 2300

• Bullish move out of the range.
• Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.

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ES chart analysis before opening bell

• ES 4 hour chart shows price getting resisted at range top.
• Bulls need to stay above 2294 levels for bigger up moves to follow.

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