In Mid FY11 Gold peaked at its Life time high level of $1920 and corrected in sharp fall below $1550 in five weeks only, again bounce back and reclaim $1800 mark, but it fails thereafter to justify those higher level times when US is recovering from its recent low and Dollar rebounds from its year low. Market was mild wild and volatile in nature. And perform better YOY compare to any other asset except silver.
This Year FY12 likely to witness less volatile but downside trend in coming times.Strong resistance likely to seen @$1689 for first half and breach of the same can lead market towards $1730 and resist around $1759.Overall Market looks bearish on technical charts.Despite a long term upside trend in Gold,recently gold enter the upper leg of long term upside trend line around 1660 and
hold below than,ideal downside target will be $1413 and $1230 thereafter.With current Euro ZOne crisis upcoming US presidency election year end,Gold likely to hold it 200 M.A around 1190 in long term.A more than expected recovery in western economies can lead to sell off kind situation in gold majorly by central banks
and gold can touch below $1120.
Larger range $1759-$1330 could be the year 2012. ATP could be around $1540. Sell on rise around resistance will be the idea of trade for year.
This Year FY12 likely to witness less volatile but downside trend in coming times.Strong resistance likely to seen @$1689 for first half and breach of the same can lead market towards $1730 and resist around $1759.Overall Market looks bearish on technical charts.Despite a long term upside trend in Gold,recently gold enter the upper leg of long term upside trend line around 1660 and
hold below than,ideal downside target will be $1413 and $1230 thereafter.With current Euro ZOne crisis upcoming US presidency election year end,Gold likely to hold it 200 M.A around 1190 in long term.A more than expected recovery in western economies can lead to sell off kind situation in gold majorly by central banks
and gold can touch below $1120.
Larger range $1759-$1330 could be the year 2012. ATP could be around $1540. Sell on rise around resistance will be the idea of trade for year.
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| GOLD WEEKLY TECHNICAL PATTERN |
2011 April reminds memory of 2006 April,when Silver prices shoot up day and night and crashed overnight to again reclaim high.Going Year will always be remembered for Silver in terms of absolute
return/speculation/crash.
With gold/silver ratio hitting life time low due to higher silver prices and sharp rally, silver witness huge volume with highest volatility for investor,trader.Much more money lost in this single product compare to any other commodity this year.
In current Scenario As silver already entered into bearish zone and confirmed it mid nov11.More decline in prices along with bad equity market in first half of the year is expected. Near Time resistance @$32.3 and $34.35,whereas support seems @$24.9/$22.7.
This year market likely to be less volatile and wild compare to last year. Overall a range bound channel with upper limit @$32.15 and 23.10 likely to be traded in coming time.Market may go towards $32.3 initially to fall for $24.9.
Trade with trend both side will be the idea of trading. It will be sideways but clear moment likely to witness in silver this year.
With gold/silver ratio hitting life time low due to higher silver prices and sharp rally, silver witness huge volume with highest volatility for investor,trader.Much more money lost in this single product compare to any other commodity this year.
In current Scenario As silver already entered into bearish zone and confirmed it mid nov11.More decline in prices along with bad equity market in first half of the year is expected. Near Time resistance @$32.3 and $34.35,whereas support seems @$24.9/$22.7.
This year market likely to be less volatile and wild compare to last year. Overall a range bound channel with upper limit @$32.15 and 23.10 likely to be traded in coming time.Market may go towards $32.3 initially to fall for $24.9.
Trade with trend both side will be the idea of trading. It will be sideways but clear moment likely to witness in silver this year.
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| SILVER WEEKLY TECHNICAL PATTERN ----------------------------------------------------------------------------------------------- |
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