[]At the time of writing this article/idea our full short position is now justified in both of the precious metals gold and silver from the risk and reward measurement
Not too long ago on friday we closed our net short position in both metals in our group,since then we have seen huge rally in gold and silver as expected before,we already mentioned our short term target area in yesterday post and it was expected to reach at the end of week but yesterday rally was so significant that both metals hit there target areas,before going into chart we want to emphasize you that don't try to look charts as a trading system,it's rather a tool which helps you to find good entry,stop loss and take profits that's it,there are many long term fundamental factors which helps us to add long or short position in our portfolio,ok now let's dive into charts
In yesterday post we mentioned that gold could move 1340 zone before it plunges again why 1340? that's where the rising resistance line is,we argued that once it hits that zone that wlll be a strong bears signal and we will be ready to net short our position but before it plunges more in a dramatic way you can see a small upswing again in both of the metals,most important to note is yes gold market is giving strong bearish signals but more strong confirmation is coming out from other precious metals sector
silver sector-until now we didn't mentioned silver sector in our idea but from now you will see silver,mining stocks as well as usd index analogy in our articles,on dec 15,2017 we have seen a similar daily rally that we saw yesterday,shortly after the rally silver plunges,bearish implication were huge,so are we going to see the same decline in silver this time? we already did but lot more to come!! not only because we are comparing this present scenario with past but because silver outperformed gold multiple times before declining,we already mentioned in our articles(not here sorry) that once silver will reach to our target area our bearish outlook will be more confirmed
ok let's move into us dollar index,keep in mind thay usd index is above its very important support level so long term outlook is very bullish but before the end of week we can expect some volatilty as mario draghi speech and emloyment numbers are about to come so the question is will gold and silver will rally up again,they can but less probable as they have reached our areas of interest so outlook is very bearish now,but anyways we will update with our post if any major changes will happen in metal sector, [url= ] gold-1st target-1230 stop loss-1379,entry price-1325 silver-1st target-14.730 stop loss- 17.300 entry- 16.500 if you are interested in intraday signals p.m me we will provide you it free stay tuned
wt f r u talking? Silver 1st target 14.73? or 15.73? i totally disagree to your analysis. Very tough to hit 1230 price too. 1280 and gold will rebound.
NeerajPandey
⋅
@LetsBeMillionaire, we don't have any issue if you disagree with our analysis sir but first try to get some manner when talking,we will respond when this trade will be closed,be meditative stay dedicated
jrashaadtrades
⋅
@LetsBeMillionaire, show more tact in your communication. "Wt f r u talking" is not fitting for thoughtful, intelligent discussion in this forum. Of course, everyone is well aware of the juvenile thinking displayed on a daily basis here on TradingView, but you would do well not to be an example of that going forward.
NeerajPandey
⋅
@LetsBeMillionaire, hello sir we closed our sell profit @1250 for gold, do you still want to talk trash?
LetsBeMillionaire
⋅
@NeerajPandey, Mr Niraj....pls ignore my word. It was more casual stmt like we talk with friends. Nothing personal but i agree now. You proved your forecast. Good job and i noticed you now went long Gold as well. Fortunately yest and today i bought huge Gold callls looking at oversold RSI. I feel this is the bottom of the year.
NeerajPandey
⋅
@LetsBeMillionaire, yes we went long for short-term but we advised you that we still don't think this is the bottom for precious metals, more downfalls is still to come but yaa for short term it is best to keep your buy signals intact in gold and silver if it is justified from the risk and reward perspective anyways we will respond when our buy signals will be closed,Thank you