Gold Reversal attempt and Resistance levels

 

• Gold one hour chart shows price trying to stay above hourly cloud. 
• Fib levels shows price pausing at 23.6% Fib level.
• If fib level shown above is crossed then the broken support resistance zone shown in chart 2 is possible. A bigger reversal may not be possible till price stay below the resistance zone shown in chart 2.

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CRUDE Oil support levels

• Crude oil weekly chart testing possible support line drawn from 26 levels through 42.
• Fib levels shows price getting resisted at 78.6% Fib level, But the correction towards 61.8% Took many weeks to happen. 
• Now if the Golden ratio does not act as support price may fall towards 100 Week SMA and a support line drawn in the same chart.
• GOLD Trend and Channel

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ES Support and Resistance levels

• ES staying below 4 hour cloud will favour bears on up moves or bounces.
• One hour cloud is acting as immediate resistance. Bears may loose momentum if price starts to stay above Hourly cloud.
• Last chart shows possible support levels if price starts to fall further.
• GOLD Trend and Channel

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GOLD Trend and channel update

• Gold 1 Hour trending below the cloud. Staying below the cloud Gold bears likely to see 1200 and 1190 levels.
• 4 Hour chart shows a bearish channel in place. If the channel stays intact, Price likely to target 1187 levels.
• Warning of a reversal if price moves above 1 Hour cloud.

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ES Analysis after closing bell

• 4 Hour time frame shows price Falling from the Shooting Star. Price testing 100 Period SMA, A crucial support line for Bulls to hold above.
• Weekly chart shows negative price action This was preceded by a Weekly candle with long upper shadow. But its early days to talk about the week, Bears need a weekly close at the current levels or lower to confirm bigger weakness.
• Day is near 20 Day SMA. This line has acted as strong support recently.

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CRUDE Oil month chart analysis

• Month chart show crude oil in contraction.
• The high and low of January month candle is crucial. Only a close outside this range will take crude oil away from the Range.

GOLD Support levels

• Gold one hour chart shows price trending down.
• But the falling price is moving towards crucial support zone between 1217 and 1222 levels. If this level holds another up swing will start.
• Bigger bearishness if this level is not held. Possibility of visiting 1180 levels if the above mentioned support level is not held on closing basis.

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