Gold, Silver and Copper Technical Analysis

Silver MCX

Silver is in wave c down and c=a can point to 37608. The recent high for wave b is at 40632. Wave c may also extend lower to the 2 year trendline support that is closer to 36026. Wave c will be a 5 wave decline so till 5 waves down do not complete the move is not complete.

Copper MCX

Copper Mcx started minor wave v of 5 as a final push higher to a new high above the 466 high. Hard to put a number on how far it should go. But wave v of 5 should be final move for the last metal in the sector making a 5 wave advance.

GOLD Daily MCX

Gold was down and managed to push the daily momentum into sell mode. Gold Mcx closed very near the 40dema at 29571, below which gold should head to the lower Bollinger band at 29294. On weekly charts the 20/40 day averages are near 29090 as the next important support level. The weekly momentum also crossed over to the sell side as gold closed down for the week.

Copper & Copper MCX Technical Analysis

Copper is now close to ending a 5 wave rise from the June low. So a correction could quickly set in. The RSI at 84.40 on the daily chart is a high reading. 3.02$ is the first support on the say down.

Copper MCX

Copper MCX prices are at the fag end of wave v of 3 and overbought. 3=1 is much higher but given the readings we need to be open to a unexpected price reaction. The MCX chart shows the upper end of the channel at 457 and lower end support near 433 and 20dma at 426. The most recent swing low is at 442, so a move below 442 could be the first sign of weakness.

Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic and international clients. Views expressed in this article are purely of the author – Mr Rohit Srivastava – a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd