The potential peace accord between Israel-Lebanon-Hezbollah is the reason for the sell-off in gold and silver yesterday. For a continuation of the sell-off, I will be watching the number of days (if any) of spot gold trades below $2590. For silver, I would prefer to use a buy-on significant crash strategy with a higher trailing stop loss for next week.
Key US economic data releases will start from today and continue till the end of next week. look at key support. The inability/inability to trade over key support will decide the trend of today and tomorrow, apart from the impact of key us economic data releases.
Trade carefully. Preferably do not leave any open positions for tomorrow. Anything can happen in the last week of November. I am not sure as to how long will gold price feel the negative impact of the Israel-Hamas-Hezbollah deal.
Sometimes we invest in the short term after looking after long-term fundamentals. This type may not work till 20th January. Until and unless there is a very big one-way view (crash or a very big rise, either way), do not look at long-term fundamentals in any asset class.
Our scope is precious metals and industrial metals. In the long-term world will be short of all metals (precious metals and industrial metals) due to the increasing use of technology to reduce greenhouse gases. But these long-term positive demand fundamentals may or may not translate into short-term bullish trends.
In 2024, the lesson that is learned is short-term hot money changes asset classes at the speed of light. “FOMO trade or Fear Of Missing Out” is the trade that is the preferred mode of investment by GenZ and millennials. Adaptation FOMO combined with the traditional way is the best way to trade and invest for maximum profit in 2025.
SPOT GOLD - Current Market Price $2626.20
- 7 DAY VIEW: Spot gold needs to trade over 2572.00 today, tomorrow and next week rise back to $2690.20 and $2732.00.
- Crash or a short-term bearish trend will be there if spot gold has a daily close below $2572.00 for three consecutive trading sessions.
- Spot gold will also crash if it does not break $2671.40 by the 6th December close.
- TODAY VIEW: Spot gold needs to trade over the $2595-$2605 zone to rise to $2668.40 and more.
- Crash or sell-off will be there only if spot gold trades below $2595 in the USA session.
Disclaimer
- The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
- The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
- I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.
Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.
NOTES TO THE ABOVE REPORT
- ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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- PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
- PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
- THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
- ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
- ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
- TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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