Gold and Silver
Both are showing positive divergence and may continue upward movement for mid term at least....But I will not put much bet on it and trade Intraday till Federal Statement on interest rate hike on Wednesday.....
Gold and Silver has history of surprising everyone when all are expecting one side movement.....Lets wait and watch.....I think we have seen bottom of 25930 as this year's bottom and Gold above 25200 is heading for TGT 25800-26040-26200 and then 27700+.....
I will sell Gold Below 24900 only for TGT 22700....
If Federal hike interest rates then we will see some down side continuation .....But technical indicators are showing upward movement continuation....I will not take any positional call till Wednesday.....
Base metals:
Base metals have shown positive intent and may go further up.....So next week I will look for buying levels and keep it for some weeks to come....We may see some previous high tested again.....But I will wait for some down levels to buy again depending on indicators .....at the moment base metals are showing Bearish divergence on daily, 4 hr and 1 hr chart....so some down ward movement is expected....
Crude and NG
I am holding some sell positions , but I am not sure where is the bottom ....with trailing stop loss I will protect my profit.....Crude and NG can bounce back big time anytime and rally is expected.....
Overall I will watch RSI and MACD for reversing my positions....
Both are showing positive divergence and may continue upward movement for mid term at least....But I will not put much bet on it and trade Intraday till Federal Statement on interest rate hike on Wednesday.....
Gold and Silver has history of surprising everyone when all are expecting one side movement.....Lets wait and watch.....I think we have seen bottom of 25930 as this year's bottom and Gold above 25200 is heading for TGT 25800-26040-26200 and then 27700+.....
I will sell Gold Below 24900 only for TGT 22700....
If Federal hike interest rates then we will see some down side continuation .....But technical indicators are showing upward movement continuation....I will not take any positional call till Wednesday.....
Base metals:
Base metals have shown positive intent and may go further up.....So next week I will look for buying levels and keep it for some weeks to come....We may see some previous high tested again.....But I will wait for some down levels to buy again depending on indicators .....at the moment base metals are showing Bearish divergence on daily, 4 hr and 1 hr chart....so some down ward movement is expected....
Crude and NG
I am holding some sell positions , but I am not sure where is the bottom ....with trailing stop loss I will protect my profit.....Crude and NG can bounce back big time anytime and rally is expected.....
Overall I will watch RSI and MACD for reversing my positions....