GOLD chart analysis

 

 

• Gold 4 hour chart shows gold bulls trying to stay above the cloud. Gold bulls need price to sustain above the cloud to save this bounce.
• Gold bulls need price to stay above the violated support zone to avoid bigger falls.

Nifty bear flag and support levels

 

• Nifty daily shows crucial support around 7700 levels. Daily is falling from a bearish flag pattern if the above mentioned level does not act as support this pattern may target 7500 levels.
• Month chart shows a topping pattern. Things will remain bearish till price stay below the falling resistance line. 7539 is crucial number in Month chart.

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SBI Trend update

 

• Lest start with the weekly bullish divergence which is the only positive thing seen in chart for bulls. But for this to work well price need to move and sustain above 200 SMA. Daily chart clearly shows a bearish channel, Price need to move out of the channel for bulls to gain some momentum.

Gold triangle breakdown

• Triangle discussed in previous post is working well for gold bears. For deeper falls price need to sustain below the broken support zone.

The golden triangle

• One hour chart shows a well formed triangle pattern. Price is near crucial support and resistance levels as shown in daily and 4 hour charts. Breakout or breakdown from triangle may give good direction for Gold.
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Nifty chart analysis

• Nifty is testing its 100 week sma. Last time price did give a bounce from this line as shown in first chart. 
• Although daily MACD Looks good for bulls, price need to sustain above 7900 levels for strength. 8050 is another strong resistance zone. Weakness if price starts to trade below 7690 levels on daily closing basis.

GOLD Chart update

• Gold daily and week charts shows bulls barely holding on to the support levels. 4 Hour cloud is acting as stiff resistance as price tries to move up. Bears need a weekly close below the support levels.