December 8, 2016

GOLD Pausing at Golden Ratio

  • Weekly chart shows price pausing at golden ratio. Weekly candles did violate this level But Gold bears are unable to close the week below this level.
  • for gold bulls 50 Period SMA of 4 hour time frame is acting as stiff resistance.
  • So crucial levels on closing basis are 1180 and 1160. violating these levels again on CLOSING basis may trigger a bigger directional move.

CRUDE Oil support and resistance levels

  • Crude oil one hour chart shows bulls taking support at falling support line.
  • Bigger fall when and if price falls below 200 Hour SMA.
  • Bounce may last longer if price stays above 50 Hour SMA.

NIFTY One hour chart analysis

  • One hour chart shows price moving towards the resistance zone near 8250
  • Price is moving around 200 Hour SMA.
  • Between 8249 and 8285 there is an unfilled GAP which may also act as resistance.