Adam Smith - Gold & Silver Technical Trends


Gold is making new highs extending last weeks rally. In Elliott wave language an extentions means adding 3 more waves higher before the trend can end. On the other hand Silver is still to make a new high. Gold is showing extentions on the hourly chart so I am imposing the wave count from the spot Comex chart on the Mcx chart below. Hourly charts show wave iv ended and wave v up started. The vth wave is subdividing into a 9 legged rally. 1230$ is the Fibonacci projection for an extended wave, and 1247$ is the 50% retracement mark. In rupee terms it could be closer to 29500-30000.



Silver made a high at 16.9820 which has not been surpassed over the last few days. But when done then we are looking at 17.40-17.84 as the next two levels on the way up. 17.84 is where wave iii=i. 17.61 the 40dema is acting as a support. 

Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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