We have seen a vertical crash in Gold from $1863 to $1763 in the last 48 hours of trading session OF XAU/USD. Break and close below $1760 will take it to $1732—$1718 in days to come or else we will see a dead cat bounce till $1780 and then to $1798—$1822 again in XAU/USD.
Gold has major support at $1650 and chances are bright to take support at lower levels. In the next week, we expect bottom fishing in yellow metals. So traders should not go for aggressive selling at lower levels. be patient and try to sell near to its resistance or wait for our WhatsApp update during market hours.
This month we have expiry in Gold futures, RSI is at 41.00. Expect more panic near to expiry.
Sell Gold on the rise around $1822 (At 38.2% retracement) with stop loss above $1860 (61.8%) for the downside target of $1732—$1718. Don’t miss an investment opportunity in Gold around $1732—$1718.
XAG/USD is forming a trendy triangle pattern on the weekly chart; Support at $24.00
As shown in the figure, Silver is forming a triangle pattern on the weekly chart. Silver has crucial support at $24.00 while resistance at $28.60. Chances are bright for a dead cat bounce from support zone.
Our view gets negate on a weekly close below $24.00 levels only. Find a reversal candle near to the support zone for the buying opportunity with stop loss below $24.75 on a closing basis.
Triangle pattern formation is of $9 approx. If Silver able to close below $24.00 then we expect more downside panic till $15—$14 in days to come.
Ufff… Anything could happen nowadays.
Or else it could test its resistance level of $27—$28.60 gain.
Expect huge volatility in Silver. So traders can trade safely as per levels given above. More intraday levels we will provide during market hours directly on our whatsapp.
Copper is trading near to its trendy support; Watch $3.85 levels carefully of XAU/USD
As expected, we have seen a vertical crash in Copper after the statement from China that they will off load base metal reserves.
Copper is now having support at $4.10—$3.85 of XAU/USD. Fresh downside panic we will see on a weekly close below $3.85 levels only or else it could bounce from its support again.
Our view gets negate on a close below $3.85 levels only.
Traders can take a risk and buy Copper around $4.10–$4.05 with stop loss below $3.85 for an upside target of $4.50