In the previous session, US market closed slightly positive. S&P500 made a high of 3267 after low of 3198. At 3220, we advised you to book profit in short position and make long. There itself, it was also advised to buy DOW and NASDAQ after covering their shorts. Today, the market may move higher. Profit booking is advised in long position in S&P500 around 3280-3310, DOW around 27000-27150 and NASDAQ around 11000-11150. At higher level, you can buy put options for next week. On Monday, downtrend is expected; Asian markets may start lower. Market may reverse from Tuesday +/- 1 day but until when?? . In the previous session, we went long in a some stocks such as NFLX, MSFT, TSLA. (Also holding AAPL, COST & UNH). Pharma stocks such as MRNA, NVAX can be bought at lower levels. BYND can also be bought at lower levels.
GOLD/SILVER Forecast
Gold didn’t breach the support at 1845 and observed a bounce back. It made a low of 1848 and took a U-turn. If it sustains above 1880 then it may move up to 1900. Silver has a major support at 21.40. It is weak only if it trades below 21.40. It made a low at 21.70 and bounced back. Above 25, the breakout would be observed.
Book 50% profit in Gold around1878-1880 & Silver around 23.50-23.80. On Monday, a slight downtrend is possible where you can buyback for the month of October 2020.
Positional traders may use S/L of 1845 for Gold & 21.40 for Silver in their long position. We hope that our timely update saved your position in Gold & Silver.