METALS
Metals have nicely moved up but on a negative day (Wednesday). On Thursday gold and silver will top out, turning the USA trading on the opening trading hours, therefore trade carefully and one must book profit during the day in rising trend. I have given instructions to sell my metals position, as I will be sleeping after this update. The outlook for next week is not very promising: gold, silver, copper as well as platinum could have a sharp fall from in the following week and one must therefore trade carefully.
Spot Gold is currently trading around $602.30 while silver is at $11.68. The maximum extent by which they could rise is one more percent from current levels.
Copper has formed its top and there are very slim chances of its moving up from the current prices- $348.80. It is a great opportunity to sell around current levels, or up to $351.80.
Grains traded weak and as you know, Thursdays are usually not positive. However, the last Thursday was upbeat and grains did well. Tomorrow should have a similar trend rising trend and that will be confirmation of a rise in grains for the next two months. Though they could weakly, I see them rising.
Currencies are trading as predicted and for the US Dollar, the word I am using is the coming of a "Tsunami wave". As a matter of fact, I see the dollar sharply moving higher in the next forty-eight hours. Sell the Canadian dollar, Australian dollar and the British pound.
On Thursday Energy will remain very volatile book profit now on my this week buying recommendation. Trade with stop loss.
Stock market are in rising trends but I am more bullish on USA stocks so buy today on weakness and don't short.
Wait for Fridays update which you should receive before Europe open on Friday. We will be trading very actively Metals, currencies and Grains on Friday.
Thanks & God Bless
Mahendra Sharma, Wednesday, 10.30PM Santa Barbara
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Dear members,
METALS
Metals have finally started trading positively and this is positive news for metals. We will wait till Wednesday’s closing and then we may add to our portfolio for a short period. This rally can take (spot gold) to $612.80, but in the meantime let it close today and don't forget to book profit.
Silver is trading positively as well and could touch $11.68 (spot price) on the high side.
Copper and side metals will move up a bit, together with gold’s move though they are in a negative cycle.
Important note: Since yesterday, the dollar has been trading positive, but metals are ignoring the dollar move and are trading together with it.
So far both gold and silver are trading above the negative figure and this is therefore a good point. One can buy the metals.
Currently, spot gold is trading at $596.40 while silver is at $11.56. Sell if they don't trade above these prices after 11.00 AM
Wait till the last hour of closing and then buy if they remain positive.
DOLLAR
It has been a great turn-around for the dollar despite all the negative news concerning it. Hold the dollar index and add more. For the British pound, Euro and Australian dollar, shorting is recommended and one can hold those short positions. The dollar will gain some more today and tomorrow.
GRAINS
All grains closed up and they will move up today, therefore add position in grains as they are in a rising cycle.
STOCK MARKET
In the last two days the S&P has moved up nicely and I recommend adding some more as the
COFFEE
Buy coffee today if it remains positive in the last trading hours.
OIL
In the newsletter I mentioned buying oil on Wednesday as I expect it to move up Thursday and FRIDAY, BUT it moved up on Monday and Tuesday. Buy a small number of contract today.
Thanks & God Bless
Mahendra Sharma 6.30AM