#Silver medium term view

Looking at silver weekly charts for past decade the rally which started from almost 3.50 $ to current price of 38.5$,it clearly looks likes near end of extended massive bull run of 5 waves and now could get into corrective phase (wave 2 a-b-c ) for next few months. Any new high on silver would be a good sell opportunity or a break of 36 dollar would confirm a medium term top and we could look at short term downside targets of 32.5 $ and 27 $

Snapshot :

#silver break of 36$ could confirm a medium term top & correct down till 32.5$ and than 27$ , $slv , Good sell on rise #askchirag any new highs or rallies good setup to create shorts

#copper , #gold , #silver Trading Levels For short term

Copper (MCX) Looks Strong -- till time prices holding the Key Level of 430 --- One Can expect An Further upside till 442--445--449  , Downside Below 430 Support at 426.5 ---410

Gold  & silver Faceing Resistance near Previous week's high on Comex , a Sustained trade Above Same Can Push prices Further up on Gold till 1447$ --1465 $--1489 $ and on Silver 36.5 $---37.2 $--38.4$
On downside Important Support on Gold now at 1415 $ & silver 35.2 $

#Silver Near medium term channel Resistance

Silver Will Face Strong Resistance near 35.1 $ lvls which is upper end of medium term Channel .Its moving in  channel From Lows of 18.6$ . The weekly RSI is also overbought and currently trading abv sub 75 lvls . Once can expect a short term top to be in place at 34.96 lvls and expect some Sideways consolidation to Downside . The immediate important Support Now is at 31.25 $, a Close below same can lead to Further Correction till 28$

#gold short term view

Gold prices Re-tested the Neckline Resistance of breakdown From multiple tops made Near 1422 Levels Zone previous Week,Which also Looks like a Complex Head & shoulder pattern. The Neckline as if now is poised near Same levels as of 100 DMA currently at 1368$ . Which is proving to be strong Resistance .

On the downside the 55 DMA at 1332 $ is also Proving a Strong Support below that important Support comes at 1305 Levels which also co-incised with the Short term Bottom and Medium term  channel Trend line .

till time Prices are trading below 100 DMA and Key neckline Resistance . We Look downwards on gold Prices to test previous bottom and Final Reach the Patterns target at 1240 $ . Stops Could be well placed above 1384 $ closing basis . A Close above Same Would Invalid the view .

have crude & copper topped out ?

Copper MCX Possible Price Targets at 380 SL abv 475 closing

Crude MCX possible price targets below 3400 Rupess Stops Abv 4300 closing basis 

Copper Short term view

copper has formed a double top at 9800 levels and even broken the short term trendline , re-test of resistance done today . break of 9300 levels would open down side targets of 8900 levels

silver short term update

 

 

Silver has formed a short term top at 31.15 $ and looks like has started to correct down in set of 5 waves with the first wave over at 27.7 $ and wave 2 at 29.8 , the third wave looks like headed for sub 25 levls . With Final target of 22.4 (wave5)

Gold Silver Update

Unlike Gold, Silver seems to be completing a final v subminor up. This seems to be a completion of the leg up from Nov 2009. And considering the large exponential blow off that we illustrated prior and Silver topping the Jiseki rankings we continue to look at any leg up on Silver now as the last leg after which the white metal should fall back into 22.40 previous iv wave supports. Gold also seem to be in the final Y minor leg up and should follow silver down.

Done in association with orpheous Asia Intraday Service (Ticks Global)

GOLD.SILVER.DOLLAR.OIL

Gold has a clear five wave impulse down. The B wave should end near 1,380 levels after which the C wave down to new lows below 1,320 should begin. Silver looks more like a 3-3-5 structure. We see the B wave complete and prices starting a C leg lower till 25. OIL is also stagnating in a B wave, which should resolve lower. Dollar index remains in B wave till price clearly move above 79.55 previous highs.

(Article written in association with Orpheus CAPITALS -- ticks Global Intraday Service)

http://orpheus.asia/orpheus/ids.php?serviceid=23

Forex update JPY.EUR.GBP.AUD vs. USD

USDJPY. Prices have completed a five wave structure suggesting that the bounce back could push back up till previous 4 wave levels at 86.
EURDUSD is in a 2 wave counter trend wave that should not push above 1.38-1.39 resistance levels. After the ongoing bounce prices should move back 1.3238 levels.
AUDUSD. The price Reversal below 1.000 suggest that B wave is also over and prices are headed down till 0.9350 . The price action also has a potential Head and shoulder neckline near 0.9700. A break here will also confirm the preferred negative view.
GBPUSD. Prices have completed the Wave B up at 1.5900 levels and are headed down till 1.5600.