Gold
Support at 25260 and Resistance at 25600
It looks positive and could test its resistance level of
25600. Further upside rally seen only close above 25600 mark else it could test
its support level of 25260 again
Close below 25260 will see further panic till 26130---25080
and then to 24900 mark
Three consecutive closes + weekly close below 24900 will
take to ???
On Comex division, Gold has support at $1040 and resistance
at 1088---1093. Further upside rally seen only close above $1093 but chances
are unlikely to breach its resistance level of $1093 and could test its support
level of 1067 will take to $1063---$1056 and then to $1040
At this stage... Trend looks choppy and we will expect
highly range bound trading till 12th to 17th December 2015 as all eye on FOMC
meet which is scheduled on 17th December 2015
So traders can trade safely with levels only and try to
trade with in and out strategy. Don't hold or try to sit either side on
positional basis.
Silver
Not able to breach its support level of 33000 and bounced
back and now march contract is trading around 34350
Now what to expect???
Close below 34200 will take to 33700---33300 mark. More and
more panic will see only close below 33000 mark else it could test its
resistance level of 34600---34900 and then to 35300 mark
Further upside rally seen only close above 35700 level but
chances are unlikely to breach its resistance level of 35700 in near terms
On Comex division, Silver has support at $13.90 and
resistance at $14.30---$14.55
Chances are unlikely to breach its resistance level of
$14.55 and could test $13.90. Close below $13.90 will see further panic till
$13.30---$12.80 and then to ???
Looks choppy at this stage... So traders can trade safely
with levels only and wait for confirmation.
More will be update soon!!
