GOLD & SILVER Bulls exhausted

GOLD:

The gold is now approaching the much awaited correction. It already climbed to the new highs around 1347 but could sustain at the higher levels and broke below the key level of 1338. This gives the idea of weakness and the plan turns to look for retraces for sells for the possible short term correction.

Sell around 1338 with the stop loss above the previous high of 1347 and target 1305.

If the price breaks above 1347 then we will look for new opportunities to sell for the correction.

 

SILVER:

Similar to the price action in GOLD this precious metal too could not sustain at its high. It made a double top at 16.20 with the bearish divergence immediately slipped below the critical level of 15.85. So the plan is to sell the retraces with the stop loss above 16.20 and target is 15.30



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