GOLD COMEX SETTLE ON FRIDAY $ 1675.20 DOWN $ 42
It’s a total sell-off in the precious metals and mines under high volume. Intraday some important monthly and weekly supports are breaking like thin boughs. There’s no, may it be ever so little intraday recovery move, let alone a rebound towards the close. Friday was a so-called trend day. The characteristics of a trend day are extraordinarily high spans, and the day falls – in case of a bearish trend day – virtually from the opening to the close closing near the lows. At the same time the deep sell-offs on a Friday get mightily down all the bulls – in psychological respect – because they make expect a bloody continuation for the next Monday/Tuesday and even for the entire next week.
From my point of view it’s for certain that by virtue of the Friday performance under the timing aspect the C-wave lows haven’t been made, and on Friday the important monthly support residing at 1686 for October and at 1690 for November was fallen below. That’s why it’s got to go to the lower level before the year-end rally can begin. That level is now between 1654 and 1659 in gold!
Beginning with Monday – perhaps at 1672-1670 a two to three day countertrend starts, at most going to the 1698-1700, followed by another 2-3 day very last sell-off move that turns at 1654-1659 then. But IF on Monday 11/05 or on Tuesday very early the 1654-1659 were reached already that would be the correction being within the allowed period of time for the final C-wave low! Please expect the same for silver, as far as the count goes .
SILVER
As always seen, silver is really a little bit less sharp to be forecast than gold is. After the Friday break of the important monthly support diagonal that passes at 32.20 for November, My tip is rather a final low between 30.35 and 29.95.
TRADE ALERT : Now we’ll place buy limits for stacking our monthly positions. For gold it’s at 1656-61 and for silver at 30.16-30.22 Both orders MIT (market if touched). Both orders will be valid till 11/09/2012.
TRADE LEVEL
RESISTENCE #2.......................... $ 1729
RESISTENCE #1...........................$ 1698
PIVOT...........................................$ 1688
SUPPORT #1.................................$ 1663
SUPPORT #2.................................$ 1650
Happy trading
Rahul Kumar
Gold Specialist
Call me +91 895-8173-410
Write me : comexgoldfuture@yahoo.com
Join me : http://hansrajconsualtant.tk
Fallow me : http://facebook.com/comexgoldfuture
It’s a total sell-off in the precious metals and mines under high volume. Intraday some important monthly and weekly supports are breaking like thin boughs. There’s no, may it be ever so little intraday recovery move, let alone a rebound towards the close. Friday was a so-called trend day. The characteristics of a trend day are extraordinarily high spans, and the day falls – in case of a bearish trend day – virtually from the opening to the close closing near the lows. At the same time the deep sell-offs on a Friday get mightily down all the bulls – in psychological respect – because they make expect a bloody continuation for the next Monday/Tuesday and even for the entire next week.
From my point of view it’s for certain that by virtue of the Friday performance under the timing aspect the C-wave lows haven’t been made, and on Friday the important monthly support residing at 1686 for October and at 1690 for November was fallen below. That’s why it’s got to go to the lower level before the year-end rally can begin. That level is now between 1654 and 1659 in gold!
Beginning with Monday – perhaps at 1672-1670 a two to three day countertrend starts, at most going to the 1698-1700, followed by another 2-3 day very last sell-off move that turns at 1654-1659 then. But IF on Monday 11/05 or on Tuesday very early the 1654-1659 were reached already that would be the correction being within the allowed period of time for the final C-wave low! Please expect the same for silver, as far as the count goes .
SILVER
As always seen, silver is really a little bit less sharp to be forecast than gold is. After the Friday break of the important monthly support diagonal that passes at 32.20 for November, My tip is rather a final low between 30.35 and 29.95.
TRADE ALERT : Now we’ll place buy limits for stacking our monthly positions. For gold it’s at 1656-61 and for silver at 30.16-30.22 Both orders MIT (market if touched). Both orders will be valid till 11/09/2012.
TRADE LEVEL
RESISTENCE #2.......................... $ 1729
RESISTENCE #1...........................$ 1698
PIVOT...........................................$ 1688
SUPPORT #1.................................$ 1663
SUPPORT #2.................................$ 1650
Happy trading
Rahul Kumar
Gold Specialist
Call me +91 895-8173-410
Write me : comexgoldfuture@yahoo.com
Join me : http://hansrajconsualtant.tk
Fallow me : http://facebook.com/comexgoldfuture
