Is Gold Ready For Breakout?

Global Equity Indices

Market has opened negative as per our expectations. Today, market is supposed to recover from lower levels. Closing can be slightly positive. By Friday, another considerable decline is indicated in equities. We had asked you to short S&P500 DEC FUT around 2140.

Weekly closing for S&P500 DEC FUT shall be 2050 or below. It is advisable to book 50% profit in short position at 2097 and add short position around 2120-30.

Instead of making long position at lower levels, you are advised to make short position at higher levels.

ALERT: You are advised to book 50% short position in different stock indices at current price and hold the rest 50% position. At higher levels that may come, you shall accumulate short position.

TODAY’S TRADING RANGE: * Dec contract

  • DOW (FUT): 17810-17980
  • S&P 500 (FUT): 2084-2120
  • NASDAQ (FUT): 4720-4760
  • FTSE (FUT): 6820-6900
  • CAC(OCT FUT): 4420-4460
  • DAX(FUT): 10420-10540
  • AEX(OCT FUT): 445-452
  • HENG SENG(FUT): 23000-22700

PRECIOUS METALS

Bullion is trading bullish as per our expectations. It is bullish until 15 December and has the potential to reach 1370 and 21 respectively for Gold and Silver. Gold and Silver made a high of 1292 and 18.45 in the previous trading session. We advised you to long Gold around 1265 and Silver around 17.50.

You are now advised to book 30% profit at current price (1290 & 18.40). Bullion is volatile to positive for today and tomorrow. On Friday, downward trend is anticipated for precious metals. On 7th & 8th November 2016, trend is again positive.

TRADING RANGE:

  • GOLD (DEC): 1282-1304
  • SILVER (DEC): 18.30-18.65

INDUSTRIAL METALS

Copper shall be bullish with medium term perspective. However, you are advised to book 30% profit at 2.22. You were originally advised to long Copper at 2.12.

In approximately a month, the price of Copper can jump up to 2.50.

TRADING RANGE:

– COPPER: 2.18-2.23

CRUDE OIL

Crude oil shall make a low today. It can drop to 45.50-45.00. A bounce back is expected in the next trading session. Next week, it shall again trade negative.

NG

NG shall drop to 2.50 in the next 2 months.

TRADING RANGE

  • CRUDE: 47-45
  • NG: 2.95-2.80

CURRENCY PAIRS

EURO

You are advised to book 50% profit in EUR/USD at current price (1.1066). This position was originally bought at 1.0880. Hold rest 50% position with S/L 1.100 for target 1.1140.

USD/INR

In next week, a big breakout is possible for USD/INR. Hold long position in USD/INR and add long position around 66.70.

DOLLAR INDEX

Dollar index can drop to 97 by tomorrow.

TRADING RANGE:

  • EUR/USD: 1.1020-1.1120
  • USD/INR: 66.70-66.90
  • DOLLAR INDEX: 97.75-97.20

US Treasury Bonds

You were earlier advised to long bonds at 1.84 and 2.64 (US 30 YR)  – you should book 30% profit around 2.56 (US 10 YR) and 1.80 (US 30 YR).

TRADING RANGE:

US 10 YR TREASURY: 1.83-1.78

US 30 YR TREASURY: 2.60-2.52

INDIAN STOCK MARKET 

Indian market shall be volatile to bearish with a gap down opening.

You are advised to book 50% profit in short position of Nifty Nov Fut around 8550-8500 and Bank Nifty around 19200-19250. Hold rest position for target 8500 or below & 19000 respectively (Nifty and Bank Nifty Fut).

TRADING RANGE:

  • NIFTY FUT: 8620-8520
  • BANK NIFTY: 19450-19200 & BELOW

BUY ON DIPS:

  • GATI S/L ??? TGT ???
  • MCX S/L ??? TGT ???
  • DECCAN GOLD S/L ??? TGT ???

SELL ON RISE:

  • JSPL S/L ??? TGT ???
  • TATA STEEL S/L ??? TGT ???
  • HDIL S/L ?????? TGT ???
  • YES BANK S/L ??? TGT ???
  • BANK OF BARODA S/L ??? TGT ???

Disclaimer: The information in this post is for information only and trading on these recommendations is entirely your decision.

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