In my previous post on precious metals on 28th
August 2013 I mentioned that I was expecting consolidation in precious
metals before they finally break out. Since then silver and gold has corrected
and have completed 61.8% and 50% retracement respectively.
If we look at the given chart of gold we can
see that gold has done its 50% retracement at 1307 levels and I expect gold to
start a new upmove from these levels. Traders can buy gold at CMP keeping 1270
as stop loss and 1485 as target.
Similarly silver corrected from 25 USD to 21.50
USD and has completed 61.8% retracement. Traders can buy silver at CMP keeping
a stop loss of 20.50 and target of 26 – 29 USD.
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