Gold and Silver has bounced a little and showing signs of reversal.....But it will be only for very short term basis.....
Please remember Friday's High and Low for these commodities....a break on either of these (Up or Down) will tell you which side Gold and Silver are moving.....But it seems, UP SIDE MOVEMENT IS ONLY FOR SHORT TERM ......IT WILL REVERSE QUICKLY ......BOTH ARE NOT YET BOTTOMED OUT????????????...We will know the answer in coming 1-2 weeks....
We will cover all Long positions Early Monday....I don't expect any major movement till Wednesday as Federal Minutes of meeting will come at 11.30 pm India time on Wednesday ......Thursday and Friday we can see major movements ( Mostly Upside)......small Traders should keep booking profits quickly OR stay away till Thursday.....
In my opinion Gold can go up Maximum 26129 with outer limit to 26366... ( Break of 26366 with volume can take Gold to 26664 level, we will have to watch the movement next week carefully to analyse the direction of Gold in coming months) and then Gold may reverse to see 25650 and break below 25650 can take Gold to 25500-25367-25148-24875.....and break of 24800 if hold then Gold may drop to much lower targets....trade with Strict SL....
But if Fail to break 25650 on its reversal then we may see strong upside movement to reach new High of this year......
My Long term view is still Bullish above 24800....
For any query please feel free to call.....( No charges...Free of cost.)
Please remember Friday's High and Low for these commodities....a break on either of these (Up or Down) will tell you which side Gold and Silver are moving.....But it seems, UP SIDE MOVEMENT IS ONLY FOR SHORT TERM ......IT WILL REVERSE QUICKLY ......BOTH ARE NOT YET BOTTOMED OUT????????????...We will know the answer in coming 1-2 weeks....
We will cover all Long positions Early Monday....I don't expect any major movement till Wednesday as Federal Minutes of meeting will come at 11.30 pm India time on Wednesday ......Thursday and Friday we can see major movements ( Mostly Upside)......small Traders should keep booking profits quickly OR stay away till Thursday.....
In my opinion Gold can go up Maximum 26129 with outer limit to 26366... ( Break of 26366 with volume can take Gold to 26664 level, we will have to watch the movement next week carefully to analyse the direction of Gold in coming months) and then Gold may reverse to see 25650 and break below 25650 can take Gold to 25500-25367-25148-24875.....and break of 24800 if hold then Gold may drop to much lower targets....trade with Strict SL....
But if Fail to break 25650 on its reversal then we may see strong upside movement to reach new High of this year......
My Long term view is still Bullish above 24800....
For any query please feel free to call.....( No charges...Free of cost.)