February 20, 2016

ES weekend update

  • ES Daily chart shows a resistance line and 50 Day SMA stopping bulls from moving up. Bulls need a daily close above these levels for a bigger up move to happen.
  • Immediate support at hourly cloud. Further weakness if price stays below Hourly cloud.

GOLD Chart analysis

  • GOLD Week moves above the cloud. Price was last seen above weekly cloud back in 2012. Price also has broken above the falling resistance line connecting major swing high's during this down trend. 
  • 1300 levels may act as stiff resistance if price manage to extend this bounce. Immediate support near 1180 levels. Weakness if price falls below this level.