Today, it is the shilyanas of Shri Ram temple (foundation stones are being laid) in Ayodhya, Uttar Pradesh, India under the able leadership of Shri Narendra Modi (Hon’ble Prime Minister of India). Hindus had been waiting for this construction for over 500 years. Lord Ram occupies a very special place in Hinduism.
American Equity Market
Blasts occurred in Beirut, Lebanon in which 78 people lost their lives. S&P500 closed at 3300, DOW closed at 26748, NASDAQ closed at 11083 and RUSSELL closed at 1511. S&P500 has been able to close consecutively twice above 3280 and it might move to fill the gap at 3328. If it breaches 3260 then a sharp correction is possible.
DOW has support at 26400 and resistance at 26800. DOW may move up to 26800-27000 if it sustains above 26600. If NASDAQ crosses 11100 then it may move up to 11250 or higher while support lies at 10900. After two hours, the nakshatra of Rahu will start (this indicates confusing or mixed trend).
LLY, MRNA, BYND, AMZN, AAPL may behave positively in today’s session.
As per astrology, today it is nakshatra of Rahu and market may behave in a confused manner. Hence, follow the technical levels mentioned above.
Precious Metals
The trend is overall bullish until mid-August (14th August). Gold made a high of 2048 in the previous session while Silver made a high of 26.50. Today, it is nakshatra of Rahu and volatility may be observed. After two hours, profit booking may be observed. Gold (Spot) has support at 2000. With S/L of 1990 (Spot), positional traders can long Gold around 2002 (Spot). Silver has support at 24.00. You can add long in Silver at lower level (25.00) with S/L 24. S/L for long position in Gold Dec contract will be 2010. Traders with limited risk appetite should be extremely careful with their position as volatility is at its extreme right now. We have been bullish in precious metals from 28th June 2020.
MCX: Gold has support at 54000-53800 while Silver has support at 68000.
Positional traders can accumulate a small quantity of Gold and Silver at lower levels.