ES Chart analysis

• ES 30 Minutes chart shows price trending above the cloud. Weakness only if ES bears are able to close below the cloud.
• one hour chart shows a Bullish channel. Corrections likely to be shallow till the channel is in place.

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Gold support and resistance levels

• Gold bulls trying to hold on to crucial support zone. Price staying below 50 period SMA is negative for bulls But Gold bears need to do more and stay below 1220 levels for bigger falls to follow.
• Staying above 1220 Gold bulls can make a comeback to extend the up move.

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