- Gold 4 hour chart shows below the cloud and 50 period SMA.
- Price action continues to form new lows Thus favouring Gold bears.
- For a possible reversal price need to stay above 50 period SMA. For now the trend continues to favour Gold bears.
December 5, 2016
GOLD Trend update
NIFTY Chart analysis
- Nifty hour has fallen below 50 Hour SMA. Price earlier showed weakness as it neared 200 Hour SMA.
- Its also another dip below 200 SMA. Now if the correction continue Bulls must hope for a double bottom formation around 7900 levels.
- Crucial levels for the fall are 8000 and 7916.
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