Gold
As expected finally gold made a good bounce back.....I have covered half of my Buy positions and waiting to see if Gold breaks above 29400 convincingly ( with Volume)....Though Gold made high of 29420 but closed below 29400....at the same time Gold is still holding above 29310.....which is good sign for bulls.... But below if fails to continue above 29400 it can continue down trend till 26700 ...
I will add more buy positions above 29400 .....I expect Gold to test 29600+ and and if sustain above 29650 then 30480 level again....I will maintain SL below 29300....
One of my friend have a short positions at 28975 as lots of analyst were saying to short at it for TGT 28780-28700....But I told him to hold if he has capacity to hold with SL above 30800 at large for TGT 26700 as risk to reward ratio is good.......
I expect Gold to fall till 26700+ levels after it completing rally upwards.....and then from 26700 levels UPTREND will continue till 32700 + levels
Lets see what happens.....
Crude
As expected Crude has shown resistance around 3400 and dropped from there and closed near 3250 levels.....I am keeping my short positions for TGT near 2920-2860(updated on 6 June)....( Comex Gold near USD 42).....
Base Metals
We may see some downward retracement in base metals....I am keeping short with SL above last weeks High.....If SL hit then I will go long again in base metals.....But overall Base metals are Strongly bullish and still have potential to go more up.....example Copper can go till 318-320+ levels
As expected finally gold made a good bounce back.....I have covered half of my Buy positions and waiting to see if Gold breaks above 29400 convincingly ( with Volume)....Though Gold made high of 29420 but closed below 29400....at the same time Gold is still holding above 29310.....which is good sign for bulls.... But below if fails to continue above 29400 it can continue down trend till 26700 ...
I will add more buy positions above 29400 .....I expect Gold to test 29600+ and and if sustain above 29650 then 30480 level again....I will maintain SL below 29300....
One of my friend have a short positions at 28975 as lots of analyst were saying to short at it for TGT 28780-28700....But I told him to hold if he has capacity to hold with SL above 30800 at large for TGT 26700 as risk to reward ratio is good.......
I expect Gold to fall till 26700+ levels after it completing rally upwards.....and then from 26700 levels UPTREND will continue till 32700 + levels
Lets see what happens.....
Crude
As expected Crude has shown resistance around 3400 and dropped from there and closed near 3250 levels.....I am keeping my short positions for TGT near 2920-2860(updated on 6 June)....( Comex Gold near USD 42).....
Base Metals
We may see some downward retracement in base metals....I am keeping short with SL above last weeks High.....If SL hit then I will go long again in base metals.....But overall Base metals are Strongly bullish and still have potential to go more up.....example Copper can go till 318-320+ levels