What a Drop.....
As I told I starts buying from 30500 area with SL 30400 but it got hit and I sold and recovered the losses.....As I was having bias towards buy side , But once it broke its support at 30500 ( and taken out 30432 which was another support down there) it was easy decision to sell off.....But did not expect it to fall this much in 1 day....
Anyway now what I expect is-recovery from the bottom....Gold and silver had hit their support and shown some recovery in the end.....But now I will watch 2 moves....
1. Till what resistance level it recovers...I think 30432-30830 level......then It will drop ( or may be before that)....
2. Then till where it drops ....if it breaks 29940 on his way of dipping then I will sell at 29941 fot TGT 29652....
3. If it does not break 29941 while dipping then I will buy on break of the resistance whichever it will form at that time....
I am still holding small buys taken from bottom way back and expecting it to clear at high 32800....
You guys trade safe with Stop Loss put in place ...It reduces your losses....
I will trade Breakout only now as Market is volatile with Low Volumes as China is closed this week...
Base Metals Have taken support too....Now it is to be seen where they are heading ....If they break yesterday's low thwn we can expect big downside fall ....and if they break yesterday's high then again big upside move...
Similarly if Crude Breaks 2900 then down and if break 3395 upside move till 3400 - 3800....
NG remains Buy above 206 and Sell Below 190.....
As I told I starts buying from 30500 area with SL 30400 but it got hit and I sold and recovered the losses.....As I was having bias towards buy side , But once it broke its support at 30500 ( and taken out 30432 which was another support down there) it was easy decision to sell off.....But did not expect it to fall this much in 1 day....
Anyway now what I expect is-recovery from the bottom....Gold and silver had hit their support and shown some recovery in the end.....But now I will watch 2 moves....
1. Till what resistance level it recovers...I think 30432-30830 level......then It will drop ( or may be before that)....
2. Then till where it drops ....if it breaks 29940 on his way of dipping then I will sell at 29941 fot TGT 29652....
3. If it does not break 29941 while dipping then I will buy on break of the resistance whichever it will form at that time....
I am still holding small buys taken from bottom way back and expecting it to clear at high 32800....
You guys trade safe with Stop Loss put in place ...It reduces your losses....
I will trade Breakout only now as Market is volatile with Low Volumes as China is closed this week...
Base Metals Have taken support too....Now it is to be seen where they are heading ....If they break yesterday's low thwn we can expect big downside fall ....and if they break yesterday's high then again big upside move...
Similarly if Crude Breaks 2900 then down and if break 3395 upside move till 3400 - 3800....
NG remains Buy above 206 and Sell Below 190.....