 Hey everybody, it's Hari Swaminathan from optiontiger.com. Today I want to look at the gold charts. Gold has been behaving rather strange even when the S&P markets have been down, gold has failed to act as a safe haven which it generally does. So if you look at the S&P, we've been coming down over the past week or two and if you look at the gold charts also, we've been coming down from the past week or two. So that's a correlation that generally works the other way. So I wanted to take a look at gold charts. This is a one-year daily chart. Now I'm just going to draw some drawings here so we understand the levels. What we have is on the top side, it's pretty clear that there is some very heavy resistance going on at this level which is at around let's say the 1350, 1360 level is very heavy. You can see there's a lot of touch points there and let me just draw this here and you'll see the general area. We're talking about a zone here, not particularly at any one level, but this entire zone has had several touches here. So if we just freeze this line here, okay, so if we call that as the upper point, we can see clearly over the past one year, gold has had a very difficult time to break out. It's been at least one, two, three, four, five touches to that point and it's not been able to break out. Meanwhile, there's been severe bouts of down moves and also there's been one or two very strong moves like this one and once again here there's a strong move, there's a little bit of a pullback and then again there's another strong move, but then the down moves are also pretty intense and as if you can see this the number of bars which is the number of days is reaching pretty much its normal level at least in the recent past. So you can see there's a similar level here, there's a similar level here and even on the upside there's a similar level there and here as well. So here we see some larger moves but over the last let's say four to five months we've seen this a two week sort of a range being that for gold. Now let's look at the downside because right now gold, okay, so these are the gold futures, the gold ETF of course is GLD, GLD is a little more than one-tenth of the gold futures but if you look at the downside we are right now over here but and you can see that there is a pretty strong support level here and then the next one is over here. So I would say if we draw a line which is around which is around 12, let's say 12, 30, 12, 40 on the gold futures level and then of course the next level would be this the 1204 level. So if you look at these are the three levels that gold is looking at. Now the key is whether it can break through or get supported here at this level. So if it breaks through then there's another 40-point drop clearly that's possible because there's nothing in between but if it does bounce back it's got a pretty good room to at least come up to the 1313 level and perhaps even more than that up to the 1360 level. So the point of this video is I think if you're a gold trader you need to watch this level and see if this 1237 holds, if it holds then you're looking at a pretty big move upside if it does not hold then we're looking at going down to about 1200 or 1204 and which also would be a pretty big move and so there can be some good trades here but the trade doesn't happen today it may happen in the next couple of days. Thanks.