- One hour chart shows strong down trend below the Ichimoku cloud.
- Price is nearing the Range bottom as shown in daily time frame
- Month chart shows price violation Last Month lows. Next target is the January month lows. Below 43 levels price can move towards levels which was seen last in 2008 and 2009
- GOLD WEEKEND UPDATE
- 3rd chart the daily time frame shows price dangerously close to recent swing lows.
- First chart shows a Bearish setup as price retested 100 Week SMA it got resisted their and getting ready to make new lows. If the Swing lows r not held 1050 levels are possible in gold.
- 2nd chart is the Hope chart for Gold Bulls. If the falling support line holds Another up move or bounce is possible in Gold.
- Weekly chart shows price moving towards 20 Week SMA. 20 Week sma is around 8546
- Daily chart shows price closing below 50 Day SMA. Next crucial moving average is 100 Day SMA. 100 SMA Was tested twice recently and saved bulls both times.
- Daily chart also shows number of engulfing patterns. Latest Bearish Engulfing looks perfect
- Month chart is also moving towards an Engulfing pattern. Price breaking and closing below 8470 will strengthen bears.
