My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
July 8, 2015
GOLD Trend update
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsK0O-LQf63JLNxB0ozlqtIDmP1oq2UtrE0VYTgkoxtRLdtKAHWCm1K9CjHX3QS8SPN1ey-FMmLoUzFyT1stRRCWgLxsvB4ThgVnF7wUPRMD9yUabLxqiIU0N81D1SGeeUDCoHaTTuhKgu/s640/Gold+weekly+chart.png)
- Gold daily testing support zone.
- Week is trending below the cloud. If the weekly time frame is to continue the trend daily support zone is at risk. Weekly cloud continues to act as stiff resistance.
- If bounces from daily support zone an up move possible towards the upper end of the range shown in first chart
Nifty Bullish W and daily cloud
- Nifty is above 100 day SMA and the Golden ratio. Although in positive zone yesterday's candle shows indecision. Bulls are seeing a possible Bullish W pattern with possible targets around 8800 levels. For that price need to stay above the daily cloud. Closing back into the cloud will strengthen bears.
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