Silver has sold off this week. Gold has fallen but it yet to see a technical breakdown. Physical buyers will stay away if falling trend is there today and tomorrow. Trend of all metals and energies after the release of US November nonfarm payrolls on 6th December is the key. Till then I will prefer to call it as mere profit booking aided by short term technical breakdown.
December month should be a fight between bulls and bears in gold, silver, crude oil, and copper. Day traders’ paradise but a short-term trader’s nightmare should be December month. Price moves in all asset classes suggests position squaring and rebuilding in the Trump era will continue next month as well.
“Thanksgiving” and “Black Friday” sale numbers will be closely watched. Ukraine, new developments (w.r.t escalation) will be closely watched. Technical traders look at short-term support to make intraday trading decision and short-term trading decision. Do not worry about incoming news on the weekend.
SPOT GOLD - Current Market Price $2630.40
- TODAY VIEW: Spot gold will crash if it trades below $2631.50 today to $2610.20 and 2591.50 and more.
- Watch $2631.50. Spot gold can move $20-$25 on either side from $2631.50.
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.
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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
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- 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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