Trend line of GOLD

DAILY CHART OF GOLD

GOLD WEEKLY CHART

GOLD WEEKLY CHART

• First chart is the daily chart of gold with 50 day moving average.
• Price has started to move away from the 50 DMA.
• Next important support level in daily time frame is at 1314 area.
• Weekly chart too gives a bearish picture with price breaking 20 week moving average.
• But the trend line in weekly chart shows a correction in a larger bull market. Unless price breaks below the weekly trend line this will end up as a pull back followed by another up move.
• SILVER LOOKS WEAK
  
  

ES Resistance level

• Price is trying to break above 1283.50
• Price sustaining above this level will favour bulls.
• Price getting resisted here may trigger a correction again.
• SILVER LOOKS WEAK
  
  

Rectangle pattern of Nifty Futures

• NF Hour chart with a rectangle pattern.
• It seems NF will remain range bound for some time to come.
• Only a decisive break of 5750 or 5620 can give direction. 

Nifty Daily analysis

• Nifty is moving in a sideways direction for the past few day's.
• Break of either the 5 day high ema or the 200 Sma can give good direction.
• Price and stochastic are hinting at an oversold bounce. to be confirmed by a close above 5750 - 5770 area.
• SILVER CHART ANALYSIS