Published on 14/11/2017 5:52:16 PM | Source: GEPLCapital Ltd
In This week gold prices were able to sustain above 29050 support - GEPL
* Prices are making lower lows and lower high formation
* In this week prices were able to sustain above 29050 support and notice a bulls run for four trading session but on Fridays trading session a sharp correction was witness and prices made a bearish harami candle stick pattern halting the bull run.
Inference & Expectations:
* Trend to remain bearish till 29700 is not broken on the upside .
* If prices sustain below 29696 we might see prices testing 29522 .
* After breaking above 785 the trend line resistance prices made a high of 841.90 and have pullback back to the trend line
* Prices are trading above 50(750.72) and 100(716.46) EMA.
* Support for the correction is placed at 785, if prices break below 785 be might see prices testing 770 levels
* On the contradictory if prices sustain above 785 we might see prices testing 802 levels .
* After breaking below the resistance turn support placed at 451.30 prices are trading in the sideways range 442.65-454.40
* Prices break below the range and made a low of 439.40 but failed to closed below the range and eventually closing inside the range .
* If price close below 442.65, we might see prices again testing 439.40 and further if it sustain below 439.40 we might see price testing 437.30 and 433.40
* On the contradictory if prices sustain above 442.65 we might see prices testing 454.40 levels.
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