Short-Term Market Analysis : Gold & Silver & Natural Gas Breakout

Short-Term Market Analysis : Gold & Silver Outlook, Natural Gas Breakout, and Equity Indices Strategy

The trend for Gold & Silver appears uncertain until 28th September 2020. However, caution is advised against making short positions at current prices. Consider waiting until the 28th to initiate long positions. Gold has significant support at 1815-1790, while Silver has major support at 21-20. Today, Gold touched a low of 1856, and Silver reached 21.87. If Gold remains above 1848 and Silver above 21, a bounce-back may occur.

If the support at 1848 for Gold is breached, a correction to 1815 by the 28th may be expected. Similarly, MCX Gold has support at 49200, and MCX Silver has support at 57000. A bounce-back is possible if these support levels hold.

Short-Term Market Analysis : Natural Gas

We recommended going long on NG at 1.82, observing a breakout with a high of 2.20. Our outlook suggests a potential move up to 3.00 by December.

Equity Indices

We took a short position in S&P500 @ 3280 & 3319, covering the short position at 3227 today and initiating a long position with a stop loss at 3209. If breached, it’s advisable to exit the long position and shift to a short position. Alternatively, wait for 3280 to initiate a short position with a stop loss at 3331. Market weakness is expected until Monday & Tuesday. Additionally, short positions were advised in DOW @ 27250 and NASDAQ @ 11150, covering DOW @ 26800 & NASDAQ @ 10800.

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