Commodities
Friday, July 15 2011
GOLD (INR) & Silver
GOLD:
EXTENTION IN WAVE-V UP:
Gold started extension in wave-V of 5. It has surpassed high of 22856 made on 30/04/2011. It closed @23001 on 14\07\2011.It looks like final rally towards 23500 to 24100 levels before Top in gold INR in short term. These targets are coinciding with upper end of channel as per chart attached.
It has strong support around 21600. It failed to overleap 21274 levels (i.e. - Final Reversal levels) & surpass recent high of 22856 levels & extended further in final wave-V of 5.
One should use this final short term rally in gold to book profit & wait for final confirmation for end of wave-5 UP.
SILVER: (Pull back Rally)
Silver closed @57705 on 14/07/2011. It retraced around 38.2% from low of 49751 on 12\05\2011. It can go till 60000 levels in case of final leg UP before going down for medium term targets.
Sustain above 60000 levels only lead to extension in pull back till 61.8% retracement (i.e-65000 levels).
Over all medium term view on silver is down & we can see tgt1-43000 & tgt2-40000 in medium term. One should use this pull back rally to exit.
Gold started extension in wave-V of 5. It has surpassed high of 22856 made on 30/04/2011. It closed @23001 on 14\07\2011.It looks like final rally towards 23500 to 24100 levels before Top in gold INR in short term. These targets are coinciding with upper end of channel as per chart attached.
It has strong support around 21600. It failed to overleap 21274 levels (i.e. - Final Reversal levels) & surpass recent high of 22856 levels & extended further in final wave-V of 5.
One should use this final short term rally in gold to book profit & wait for final confirmation for end of wave-5 UP.
SILVER: (Pull back Rally)
Sustain above 60000 levels only lead to extension in pull back till 61.8% retracement (i.e-65000 levels).
Over all medium term view on silver is down & we can see tgt1-43000 & tgt2-40000 in medium term. One should use this pull back rally to exit.