December 15, 2016

GOLD Trend update


  • Gold 4 hour chart shows price continues to trade below the cloud. Price sold off as it neared the cloud.
  • 50 Period SMA acted as strong resistance as well. There were 3 Bullish attempts which failed at this moving average.
  • Now for a sudden bounce to happen price must get back into the pattern shown in 3rd chart.

ES Technical analysis

  • ES 4 hour chart with crucial support levels
  • Weakness if price falls below 2243 and 50 Period SMA.
  • looks like a bearish head and shoulder type of pattern developing in 4 hour chart.