Monday Metals moved down sharply as expected. We expected Monday prices not to rise above last week Friday close. We mentioned that gold should top out $949.80 and silver $14.87 and on the lower-side gold at $923.80 and for silver $13.45 for this week. Copper target range for this week is $287 to $269.
Lower side prices should be fulfilled by Wednesday and if they trade below lower-side predicted prices, then gold could move up to $909 and silver $12.90. We are still bearish on metals on all terms.
Tuesday, December gold prices may move up to $943.80, September silver $13.23 and copper $281.80, selling around these prices will earn you good profit in the next 36 hours. First target for gold is $923.80, silver $13.45 and copper $269.
Oil traded weak on Monday as predicted and we are expecting correction also on Tuesday after touching intraday high on Tuesday $69.70 (October contract).
Grains to remain on sideways trend for Tuesday and Wednesday but short term prices may gain on Thursday and Friday. Corn and Wheat will bottom out in two weeks.
Soft commodities will under-perform continuously against all commodities. Tuesday all these soft commodities will show some sign of recovery but tomorrow they all shall adopt negative path again.
On Monday Dollar moved up sharply as expected. Early morning on Tuesday in Asian and European market it has been losing some stream but later in USA market it will gain momentum. Lower side we expect US Dollar to touch 79.16 (September contract) and by end of day it will stabilize around Mondays closing.
We are expecting a sharp up movement on Wednesday. Sell Australian dollar, Canadian dollar, Euro and British pound on Tuesday.
Yen is to remain weak on Tuesday but it will gain momentum on Wednesday. Avoid trading Swiss Franc on Tuesday.
All market stock markets traded weak on Monday, especially Chinese market and we see more correction on the way in all major markets from Wednesday. Tuesday will be a great day to sell Asian, European and American market on any positive trend.
Thanks & God Bless
Mahendra Sharma, Tuesday 11.55 AM Mumbai