- For the very short term One hour time frame has given support.
- Daily though is acting as resistance. Price need to stay above the daily cloud for extending the up move.
- Weekly chart shows price acting as support for the recent correction.
October 30, 2014
S&P 500 Ichimoku cloud analysis
GOLD chart analysis
- Gold Bounce in daily time frame was limited to the Ichimoku cloud.
- Now price is testing the crucial support zone shown in weekly chart.
- If the basing formation continues another bounce is possible. Gold bears need a weekly close below this zone for bigger breakdowns to follow.
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