Gold
Today we recommended buy call in Gold above 30200 with stop loss below 30060. It made a high of 30269 and crashed vertically
Now what to expect???
Gold is trading in a very wide range of 29600---30300---30700. Either side break or close with volume will see a clear trend.
If it breach and close below 29600 for two consecutive days then we will see sharp downside move in it else it could test its resistance level of 30300---30450 and then to 30700 mark
Again we are telling you that be cautious in Gold at upper levels as we will not expect any major upside move in it
On Comex division, Gold has support at $1260. Close below $1260 will take to $1240---$1225. More and more downside panic will see only close below $1225 mark
$1296---$1308 act as resistance while $1333 act as major hurdle for Gold and unlikely to breach its resistance level of $1333 in 2016
Now... Traders are keeping an eye on FOMC meeting minutes which is scheduled on late Wednesday
So traders remain cautious for next two trading sessions as we will expect high volatility in it
Anything seems will update via SMS
Silver
Support at 40400---40000 and Resistance at 41600---42000
Either side break or close with volume will decide further.... Chances are bright for downside move as a positional call but traders have to wait for perfect reversal
Market is so untidy today to trade... So keep patience
Gold and Silver rallied nicely in 2016 but we are not expecting too much high in this year. Upper side seems limited in metal segment specially in Gold, Silver and Copper
All three commodities could fall sharply in 2016... In a very very long term perspective we will not recommend to enter or hold value buying in all above three commodities
Rest we will trade with levels only....
More will update soon...
