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Friday, November 13, 2015

Update on Bullions, Basemetals and Energy 13 Nov 2015






As expected... We have seen panic in metal and energy segment during festival season. This indicate that this panic will remain continue for time being too.






Have a look on it!! 







Gold



As expected... Gold crashed vertically and made a low of 25202 mark. We clearly recommended selling below 25760 mark and now trading around 25380. On Thursday... Gold made a fresh 6 years low and hit $1074


Now what to expect???


Below 25760.... panic remain continue for the downside target of 24174. Double top pattern confirms downside panic in Gold

Close below 25280 will take to 25080---24960. Three consecutive closes + weekly close below 24960 will take to 24450---24200 mark in days to come. Our ultimate target intact 24174 mark

On Comex division... Gold has support at $1073. Weekly close below $1073 will take to $1046---$1024 and then to 980 mark


Will it breach $ 1000 mark???


Any sharp rise will be selling opportunity in Gold... Stop loss intact above 25930 on closing basis.

Trade with levels only... Any reversal seems will update.







Silver




As expected... We have seen panic in Silver from 35400---33751 mark and now trading at 33900

Now what to expect???

Support at 33700---33200 and Resistance at 34500

Close below 33700 will take to 33450---33200. 33000 act as major support for Silver. Three consecutive closes + weekly close below 33000 will see free fall in Silver til 31500---30800 and then to ???

Else it could test its resistance level of 34500 again.

Close above 34500 will see further upside rally till 34900---35300 and then to 35800 mark.

Trade safely with levels only.







Copper



Hit multi years low of 316 and now trading around 316.50

Three consecutive closes + weekly close below 324 will see nonstop panic till 293---289 mark in days to come

Any sharp rise will be selling opportunity in Copper with stop loss of 333 on closing basis







Nickel


As expected... Panic continues and made a low of 625.40 and now trading around 628

Now what to expect???

Weekly close below 625 will take to 588---576 mark in days to come

Hurdle and stop loss intact above 656 on closing basis







Crude Oil


Crashed vertically and made a low of 2754. We recommended selling below 3125 and then below 2860 mark


Now what to expect???


Support at 2750 and Resistance at 2830

Close below 2750 will take to 2680---2630 and then to 2550 mark in days to come else it could test its resistance level of 2830 again

Further upside rally seen only close above 2830 mark

Close above 2830 will take to 2880---2930 and then to 3000 mark

Traders can trade with levels only.






More will be update soon!!