- The fall from shooting star and 200 SMA in daily chart continues to look good for gold bears.
- Now One hour and 4 Hour time frames are nearing possible support levels. If these are held gold may give a bounce within the shorter time frames.
- Bigger correction if 200 SMA is not held.
-
GOLD ONE HOUR CHART ANALYSIS
-->
- On closing basis crucial number on daily chart is 17830. Bulls need to stay above this level on closing basis to avoid a test of 200 SMA.
- Price action in weekly chart is not looking all that encouraging for bulls as can be seen in 3rd chart.
- Daily RSI is oversold, But if this is going to be a trending down move the oversold can remain oversold for long time. So its crucial for Bulls to stay above 200 SMA for an up move to happen.
- NIFTY WEEKEND UPDATE
-->
- Gold one hour chart shows price contraction between support and resistance levels.
- Support for the time frame seen at 100 SMA. Crucial resistance in Hourly cloud.
- There is weakness in daily time frame which can change if Hour breaks above the cloud. Bigger correction if 100 Hour SMA does not hold.
-
CRUDE OIL WEEKEND UPDATE
-->
