GOLD Weekly chart analysis

• Gold is trading near its 20 week moving average.
• Price is also resting above an important support line in weekly chart.
• Any correction here would mean breaking the support line and 20 week moving average which can extend the correction in GOLD.
• GOLD MINERS TECHNICAL ANALYSIS
  
  
  

Nifty Futures intraday update

• Nifty futures one minute chart with intraday range from 5625 - 5695
• Violation of this range can give 40 to 50 points minimum.

Nifty Daily Analysis

• Nifty is trading close to its 200 DMA so one can expect a bottom formation to start forming here.
• So the support based on 200 DMA and the channel bottom comes near 5550 - 6000 level.
• Any violation of the above level 5550 - 6000 on closing basis can drift nifty down to 5350 - 5450 band.

YAHOO Triangle pattern in weekly chart

• Yahoo weekly chart is in a triangle type consolidation pattern.
• Price is trading above its 200 and 50 day moving average.
• 50 DMA line is acting as support in daily chart. If this moving average gets broken on closing basis we may see a downside breakout for this pattern.
• If price continues to trade above 50 DMA we will see an upside breakout.
• GOLD MINERS TECHNICAL ANALYSIS