CHART-II
- Triangle support line is violated. Breaking below 1141 will extend profits for bears.
CHART-I
- Hour chart of gold shows a range
- 100 Hour SMA is acting as resistance.
- Price breaking above 100 hour SMA will take gold to the top of the range.
- Bigger up move possible if the range is violated on the up side.
- Unable to break above 100 Hour SMA will favor bears of gold.
- GOLD RESISTANCE LEVELS IN WEEKLY CHART
CHART-II
CHART-I
- NF is still inside the range shown yesterday.
- Price testing the top of the range. Price sustaining above 4995 may lead to a bigger rally.
- Getting resisted here will result in a pull back.
- Last two attempts to stay above 20 day SMA has failed.
- Weekly chart is shown in important support level which is between 1100 - 1120.
- Price falling into this level may result in another bounce.
- For bears they need to break the support line shown in weekly chart.
- Monthly chart too shows Price taking support @ 50% Fibonacci level. So price is near a crucial support level right now.
- DESCENDING TRIANGLE OF ES
- Up move in us dollar may continue only when a weekly candle closes above 200 Week moving average.