Gold Intraday Charts showing multiple support in the range of 934 $
on breach on if Range traders Can take short below that For possible trgts of 927--925 ,
Above 941 Shorts May get catious , Can do 943--948 again
Looking to trade setups , using Technical Analysis as Main tool
Crude oil After Making short term top at $ 73.15 had Sharply Fallen from the Short term trendline , the Trend Which Started from $49.05--$73.15. After touching a new Weekly low of $ 66.25 had bounced back to $68.6 Sub levels trending in a triangle further Downside is Expected on Breach of $ 68, opening lower trgts of 67.1--66.25---65 . On the upside it faces stiff Resistance at 70.1--71.4- 72.45 , Sell On rise with top as SL would be Recommended for Short term
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Gold is reacting negatively to the inflection point of our 2nd and 3rd tier uptrend lines. The swift pullback in gold follows a week of tight consolidation, signifying investors are siding with the downside after a period of indecisiveness. We believe today's movement to the south could be a game-changing statement with a retest of the highly psychological $900/oz likely. today's pullback hasn't been accompanied by abnormal volume thus far, so we will have to see how the session pans out. However, gold's downturn certainly raises a red flag, and we wouldn't be surprised to witness another near-term leg down.
Present Price: $919.85/oz
Resistances: $927.40/oz, $931.41/oz, $935.62/oz, $939.82/oz, $941.94/oz
Supports: $923.96/oz, $920.95/oz, $917.49/oz, $914.99/oz, $911.14/oz
Psychological: $950/oz, $900/oz