February 7, 2012
- Price took support at the support line shown in the below chart and is back near the resistance line of silver at 34.40.
- Silver four hour chart shown with up trend line and Horizontal support lines.
- Breakdown and close below 32.94 may target 31.55 levels.
- Getting support at 32.94 will result in an up move.
- NF is not giving big corrections in favor of bears.
- Overbought indicators are giving sideways corrections followed by upper breakouts.
- Price continue to trend up above 50 Hour SMA as shown in 2nd chart.
- Breaking the up trend line shown in first chart may give a correction in favor of bears.
- Dow Jones still below weekly resistance level.
- Day is trading well above 20 Day SMA which will favor bulls.
- 30 Minutes chart shows with rising support levels which may also give a breakout above last week's high soon.
- Hope for bears only if they manage to break below 20 Day SMA. Trend will remain in favor of bulls as long as price stays above this sma.
- Gold weekly chart shows a Doji Candle.
- Daily chart has a bearish engulfing pattern.
- Bearishness of both these charts will be negated on a breakout above 1763 as shown in the last chart. Four hour chart also shows possible support at the cloud. Breaking below the cloud will extend the down move in Gold.
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