Gold: currently trading at 1686 intraday trend will remain
sideways with positive bios. Day trading range will remain between 1560-1640. Immediate
resistance seen at 1694 a break above said resistance would signal rise till 1635-40
zones. 1660 will remain important support to watch break below this support
would signal a down side till 1532-1470 in coming days. But due to oversold
readings in all technical indicators we are expecting bounce from current
levels.
Silver: Currently trading at 29.44 day trading range will
remain between 28-31very short term trend will remain sideways with positive
bios. Neck line breakout of inverse H&S above 29.40 on hourly chart
suggesting rally may take it to 30.30-30.80 during this pull back.
We are long in both Gold at 1570-72 range and in silver
around 28.35-40 range and waiting for our targets our gold target is 1630 and
silver expected target is 30.30-30.60.
Very short term correction in dollar index will also support
our very short term bullish view on bullions.
Comments