August 24, 2016

Silver chart analysis

  • Weekly chart testing crucial support resistance zone. Week closing below this zone will change price structure in favour of silver bears. Daily retrace levels shows price at 50% Retrace zone. So Silver bulls must sustain above 18 levels to keep the bullishness intact.

ES Support levels

  • cloud and rising support line of 4 hour chart shown as immediate support levels. Breaking these levels on closing basis may trigger a correction in ES.

GOLD 4 Hour chart update

  • GOLD is violating the support zone of the descending triangle pattern.
  • Staying below 1335 will favour gold bears for next targets like 1325 and 1310 levels.

CRUDE Oil Chart analysis

  • Crude oil falling towards its 200 Hour SMA.
  • Bigger weakness if price starts to stay below 46.60 levels.
  • One hour chart shows price continues to stay below the cloud. Crude bulls need to move above hourly cloud to arrest this correction.

S&P 500 Futures another Failed breakout attempt

  • First chart shows another failed bullish attempt and price falling back into the range.
  • 4 Hour time frame shows price in a 25 point range. 2165 and 2190 are the extreme ends of the range, Unless the extremes gets violated on closing basis price likely to remain in this range.