July 14, 2015

Gold chart analysis

  • Gold daily is near crucial support zone.
  • 4 Hour chart is acting as resistance. For a bounce to happen price needs to stay above this cloud..
  • One hour chart shows a triangle pattern. breakout from this pattern may give bigger direction for gold.

Reliance Industries chart analysis

  • Reliance bulls struggling to cross the golden ratio.
  • Price for now is in a range. Crucial levels are 1012 and 1019 on the up side and 985 and 972 levels. Week close above 1012-1019 level may give 1070 levels.
  • Weekly cloud too is crucial for bulls to keep the structure intact. Closing back into the weekly cloud will favour bears for bigger falls.