- Gold weekly cloud may act as strong support if price extends correction towards it.
- For now the Weekly resistance line is working for Gold bears. Gold bulls need to stay above this resistance line for a bigger move to follow.
- 4 hour chart shows weakness as price stays below the cloud.
- Month chart shows a possible bullish month candle pending close. Price closing towards the higher end of the candle should extend this up move towards 50 levels in the short term. Day too needs to close above 200 SMA for this move to materialise.
- 4 Hour chart shows a crucial support line
- ES 4 hour chart shows price testing the cloud. Cloud has acted as strong support so far. Daily chart too shows presence of 200 SMA around the same levels. So ES bears need to close below these levels for bigger correction to happen.
- Crude oil bulls need to close above 200 Day SMA to extend this up move. Daily also shows price at golden ratio.
- Weekly cloud looks like a stronger resistance. Even if price manage to stay above 200 SMA a bigger reversal may not be possible because of the weekly cloud.
- ES 4 hour chart shows supports in the rising trend line and cloud. Daily time frame shows price entering resistance zone.
- Month chart shows the crucial event of price violating the Multi Year lows, But price managed to close back above 2008 lows. Daily chart shows price approaching 200 Day SMA. If crude bulls managed to close above 200 SMA a bigger up move is possible.
- ES 4 hour chart shows price above the cloud. Bulls will remain strong if the cloud is protected. Second chart shows weakness near 200 Day SMA. Further weakness if price starts to trade below the levels shown in last chart.
