Happy Guru Nanak Jayanti to all our viewers. May your all
wishes comes true.
From last week... we have seen range bound trading in Gold
and Silver with high volatility and this trend remain continue as all eye on
FED meet which is scheduled on late 17th Dec 2015. So what to expect from now
onward.....
Gold
After sharp downside move we have seen some sought of
positive momentum in Gold. Gold unable to breach its support level of 24960 and
bounced back sharply to 25491 mark and settled at 25285
Now what to expect???
Gold has major support at 25080---24960 and resistance at
25600---25850
We will expect range bound trading for next few weeks as all
eye on FOMC meet which is scheduled on 17th December 2015. Overall trend still
looks weak and our downside target intact 24174 mark but it takes time to reach
its final goal.
On seeing weekly and monthly chart... We will expect Gold to
take U-Turn from 24100---23700 mark or we can say that we will not expect Gold
to fall beyond 23500 mark in this rally and that level will be best buying
opportunity in Gold
But at this stage try to trade in a range with levels only
with in and out strategy.
On Comex division, Gold has support at $1063 and resistance
at $1089---$1110
Above $1073 will see rally till $1089---$1098 and then to
$1110. Further upside rally seen only close above $1110 else it could test its
support level of $1063 again. Further panic seen only close below $1063
Close below $1063 will see further panic till $1046---$1033
and then to $980. Traders remain cautious at upper levels.
Now what to expect today???
Today we will expect high volatile session in metal and
energy due to upcoming data and event. Today we have unemployment claim data
which is scheduled at 7pm IST, Previous data stood at 271k and this time
forecast is of 273k. Forecast figure seems to be positive for Gold. Along with
it, there are other data too from the house of US i.e. Consumer confidence,
Core durable goods orders, Home sales data too. So volatility continue....
Gold looks positive at this stage and could test
25500---25600 and then to 25850 mark in days to come
Any sharp panic will be buying opportunity with stop loss of
$1063 INR 24960 for the initial target of $1089---$1098
Remember... $1098---$1110 is a cautious area.... Any
reversal seems will update.
Here only Nimble traders can mint money.... So trade safely
with levels only.
Silver
Not able to breach its support level of 33000 and bounced
back sharply to 33900 mark.
Now what to expect???
Silver has support at $13.90 and resistance at
$14.50---$14.80
We will expect silver to trade in a range of $13.90---$14.80
for next few weeks but upper side seems limited
Three consecutive closes + weekly close below $13.90
will see free fall till $12---$11 in days to come else it could test its
resistance level of $14.50---$14.80 again.
Traders remain cautious at upper levels in Silver as any
time we will expect sharp panic in it.
On MCX division, Silver has support at 33000 and resistance
at 34500. Close above 34500 will see further upside rally till 34900---35300
and then to 35800 on maximum side but chances are unlikely for upside move but
trade safely with levels only.
Three consecutive closes + weekly close below 33000
will see free fall in Silver till 31500---30800 and then to???
For this week... Some sought of buying could happen.. So
concentrate in Gold rather than Silver.
Traders can trade with levels only... More will update
during market hours.
