Adam Smith Associates - Commodity Technical Analysis 4th March


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

Gold
Gold is close to completing a 3 wave correction in wave 2. With support near 1222 from that low if we project wave 3=1 we get 1376. So the target moves up again as the fractal continues to develop. I am not anticipating a deeper correction at this stage unless the 1220 level is broken.



Silver
Silver and gold both appear to be completing wave 2 declines. Silver closed positive for today after making a low near the 40dema, so in case of Silver an a-b-c decline is complete and it could have bottomed already. Wave 3=1 points to 20.80




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