TECHNICAL VIEW OF SPOT GOLD SILVER AND TRADING STRATEGY

INTERNATIONAL SPOT GOLD VIEW:----A breakout was witnessed yesterday as it fell and close below the level of 882$ which is the 38.2% retracement of the rise from 681$ to 1006$.
Expect lower range of 845$ to be tested in days to come at least and to an outer extent to 806$.
Resistance will be at 882$ and 897$.
A rise and close above 897$ can halt the fall and a rise back up to test the lower top of 967$ could be a possibility.
The fall yesterday was sharper therefore we could have a bounce towards the resistance of 882$ at least.
Sell on fall and close below 864$ with high of the day stop loss.
Alternatively, traders can sell on rise to 882$-890$ with a stop loss of 897$. In order to minimize risk, traders can wait for a rise above 882$ and when it falls below 882$ then sell with high above 88$ as the stop loss.

INTERNATIONAL SPOT SILVER VIEW:---Support will be at 11.89$.
Resistance will be at 12.41$-12.56$-12.77$.
Expect further selling pressure on fall and close below 11.89$.
A rise to test the resistance is possible as a result of the sharp down move yesterday. The resistance of 12.41$-12.56$ could be tested.

NYMEX LIGHT SWEET CRUDE OIL:---Resistance will be at 54$-56$.
A further rally can only be witnessed on rise and close above 56$.
Support range is at 50$-47.20$.
A sideways movement in a wider band of 56$-47$ is likely to be witnessed.
A fall and close below 47$ can take the price back down to test he low of 36$-32$ range.
Traders who are holding long positions need to maintain overall stop loss of 47$

MCX GOLD TRDING STRATEGY:---The trend is down.
Sell at market price and on rise to Rs. 14189 – Rs. 14357 with stop loss of Rs. 14425.
Expect a fall towards Rs. 13954 – Rs. 13786.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 14357 and when it falls below Rs. 14357 then sell with whatever high registered above Rs. 14357 as a stop loss. Subsequently, book profits at Rs. 14189 – Rs. 13954 range or below.

MCX SILVER TRADING STRATERGY:----The trend is down.
Sell at market price and on rise to Rs. 20603 – Rs. 20950 with stop loss of Rs. 21206.
Expect a fall towards Rs. 20000 – Rs. 19654.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 20603 and when it falls below Rs. 20603 then sell with whatever high registered above Rs. 20603 as a stop loss. Subsequently, book profits at Rs. 20000 – Rs. 19654 range or below