GOLD Support and Resistance levels

 

• 4 Hour charts shows cloud and the 1180 levels as major support
• Golden ratio shown in this time frame is a crucial resistance zone. More momentum for gold bulls only if price is able to trade above this level.
• Falling back below the cloud can result in new lows for gold

ES Trend update

• 4 Hour chart continues to favor bulls as it stays above the cloud and 50 period SMA.
• 1 Hour chart gave a Golden ratio trade today. Range breakout fell back to the golden ratio and a long trade was possible with good risk reward ratio.

GOLD Chart analysis

• GOLD Daily nearing 50 Day sma.
• For Bulls of Gold Weekly Doji at the bottom is looking god for now.
• For this up move to sustain its crucial for Price to stay above the 1180 zone which is shown in the last chart.

NIFTY Chart analysis

• NIFTY Yet to hit the rising resistance line
• MACD Has negative divergence which was discussed in earlier posts But MACD Lines yet to give sell signal.
• Last chart shows a rising support line staying above this bulls will continue to remain strong. Mild weakness on breaking and closing below this line.

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ES Chart update

 

• If the hourly range breaks on the up side then the Negative divergence will be of no use for Bears.
• Bulls need to stay above 50 Day SMA To avoid a bigger correction.

RELIANCE Industries testing 200 Day SMA

• Reliance industries trying to stay above 200 Day SMA and a crucial support zone. Bullish candle here may result in resuming the up move.
• Bears need a close below 200 SMA for a possible down move.

S&P 500 Futures 4 Hour chart analysis

 

• ES 4 Hour with MACD Shows negative divergence. Price yet to confirm weakness for this Divergence.
• Bears need price to close below 50 period SMA.
• For now price is moving in a range.