February 12, 2013
- GLD Weekly chart sustaining below the Crucial support of 100 Week SMA is not good for GLD Bulls. Price must get back above this level to avoid a bigger fall.
- second chart shows a triangle breakdown in daily chart. For GLD Bulls price need to close the gap and get back into the pattern in order to do a Busted triangle.
- For GLD Bulls crucial resistance levels in daily chart will be the 200 SMA and 50 SMA.
- One hour chart of copper shows a Bearish Head and shoulders pattern. These day's Classic patterns rarely work according to the rules So its better to treat the Neck line as a support level to try long trades.
- Daily chart also shows 50 Day SMA around the neck line. Bears need a close below 50 SMA for short trades. Price sustaining above 50 SMA should favor long trades.
- First chart shows price near the apex of a contracting pattern.
- 2nd chart shows death cross in daily chart. Death cross will do well only if price breaks the rising support lines.
- If the rising support lines are held a bigger up move is possible in Silver.
- GOLD TRIANGLE AND CHANNEL