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TECHNICAL/FUNDAMENTAL VIEW – Profitable MCX Tips | Gold initially fell during the week but found enough support at the uptrend line to turn around and continue the upside and go towards the $1350 level above which was massive resistance. The market has formed a major ascending triangle and should continue to drive the market to the upside. If we can break above the $1360 level, then I think the market probably goes to the $1400 level. I think that short-term pullbacks continue to be value propositions the people will take advantage of, and it’s obvious to me that the uptrend line is crucial. If we were to break down below the $1265 level, the market could unwind rather drastically and reach towards the $1250 level. Ultimately, I think that more than likely we will see
bullish pressure though, because there are a lot of concerns around the world, not the least of which would be Syria, North Korea, and trade talks between the US and China. Longer-term though, I do believe that it’s only a matter of time before Gold markets takeoff to the upside, and I think that they will continue to offer value on these dips. However, you must remain flexible and understand that if we pull back from here, it is possible that we could break down. Ultimately, I think that the market will continue to be noisy to say the least, so I would keep my position size small and at the very least with very little leverage.
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TECHNICAL/FUNDAMENTAL VIEW – Profitable MCX Tips | The Silver markets continue to go back and forth during the week, as we see the $16.50 level offer a bit of a fulcrum for price. I think that the market is essentially trying to build some type a basing pattern, so it is possible that we will eventually see an impulsive move to the upside. I think there is plenty of support underneath down at the $16.50 level, and then even the $15.50 level after that. I think that the market will continue to find buyers on dips, and eventually we could break out to the upside. I think that the market will eventually find reasons to go long, and I think that value hunters will continue to test
It’s not until we break down below the $15.50 level that I would consider shorting this market, and even then I think it would be very difficult to do so. This is a market that I tend to invest in longer-term, and I think what we are doing right now is offering value for those willing to pick up silver in little bits and pieces and add to a longer-term core position. This is why I like physical silver, but I do recognize that short-term traders may be able to go back and forth with an upward proclivity and the futures markets, or even the CFD market. Ultimately, this is a market that I think has a lot of support underneath, so then it’s likely that we will continue to find buyers.
