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.

Gold, Silver & Platinum Technical Analysis

GOLD

Gold may be developing a leading diagonal as the 5 wave decline is overlapping. This would change if we fall below 1286 because then the third wave would become the shortest violating the wave count. wave A should be retraced in wave B up to 1315 or best case 1331 near 61.8% before the decline continues. Below 1286 prices may slide to 1270 near the 20 week average.

SILVER

Silver like Gold also witnessed a breakout failure and the rise so far is corrective. Unless there is new bullish evidence this pushes us back to the triangle view. The recent high would be wave D and wave E down would follow. We could spend months in a slow grind down as prices drop towards the lower end of the range near 15.30$.

PLATINIUM

As Precious metals start another corrective phase so do Platinium prices and they may decline to the lower end of this long term range. The lower line is near 822 where we should look for a possible bottom. Currently at 935

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

Where are Gold & Silver heading? Technical Analysis

GOLD

A key reversal day in Gold, when prices open Gap up and then sell off to close lower. This at 78.6% near 1322, of the entire decline for the second half of 2016. Also at the upper end of the rising channel shown on the chart. This bar pattern is a classic and so this resistance is important for now. The lower end of the channel at 1288 is the next support and we may test that Below 1288 we consider it a larger reversal but till then the odds should favor the trend higher.

SILVER

Silver Mcx prices stalled at the upper end of the falling channel from the 2016 top. Unless we breakout above 40400 we are completing wave X and wave Z down for silver will be the last phase of this decline. While it is not mandatory that wave Z go to the lower end of the channel again as wave Z can truncate earlier, it is open to it. The averages near 38650 are the initial support zone, and the lower end is at 34570.

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