About me-- Full Time Trader --
-- Do visit my website: www.anbhfund.in --
-- Investing in Nifty, Currency (USDINR & EURINR) & CrudeOil --
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Looking for a reversal in Gold for a new upside.
1820 is the lvl to watch in case this lvl breaches then would go short but there is divergence bet macd and price.
So let's see ahead how this turns out.
Both Copper and Dollar index are showing breakout and breakdown respectively on monthly timeframe.
Markets have too much liquidity and with Copper breaking out means it is signalling growth and inflation.
And growth on one hand is good but inflation at this time when liquidity is at its max in history might pose problems for FED.
Are interest rates about to...
My view is there will be a final push across Equity markets, Crude oil and Metals before we witness a correction going till October-November 2020.
So for Gold view remains a push to 1830-1850 $ lvls in coming days and same on Silver till 21$ lvls.
Gold already up 400$ from 1400$ lvls seen in March same with equities, so don't go long or short aggressively.
Banknifty index has breached the macd on hourly tf on downside....
Major lvls of 22400 has been breached today and the heavyweights like Hdfcbank, Icicibank & kotakbank are leading the weakness.
Looking for further addition of shorts at 22400 lvl if they come otherwise short on rise market until we effectively get a closing above 22400 on 15 min tf !!
Next banking stock to start its run .
Watchout for the closing ....10-15% run possible
Call OI in Axis Bank
Any closing above 460 today will trigger short covering.
The 20 lac crore package details have been out -- nothing much on this front. So Nifty 50 will move in sync with spx500 and other global indices which are showing a bullish case for now.
So for this week am neutral to bullish on all indices across the globe and this rally will come to end by the may or soon followed by new lows in coming months.
Nifty 50 broke out of the range 8900-9300 levels in last week, so trend remains bullish only above 9500.As chances of a reversal is very high with monday a gap down opening of about 400-500 points, expecting a sideways to bearish trend this week.
Any close above/below these levels on 15 min time frame chart this week:
Looking for a Minor Long Above : 9500