The trend is slightly uncertain for Gold & Silver until 28th September 2020. However, it should not be seen as an opportunity to make short position at this price. Wait for 28th to make long position. Gold has next major support at 1815-1790 & Silver has major support at 21-20. Today, Gold made a low of 1856 while Silver made a low of 21.87. If Gold doesn’t breach 1848 then it may bounce back. If Silver doesn’t breach 21 then it may also bounce back.
It looks like the bottom has been made today.
If the support at 1848 is breached then Gold may correct to 1815 by 28th.
MCX Gold has support at 49200 while MCX Silver has support at 57000. If these support levels are not breached then bounce back is possible.
Natural Gas
We asked you to long NG at 1.82. From there, a breakout has been observed. It made a high of 2.20. Our view is that by December, it may move up to 3.00.
Equity Indices
We went short in S&P500 @ 3280 & 3319. Covered short position at 3227 today and went long with a small stop loss of 3209. If 3209 is breached then it would be advised to exit from long and shift to short position. Otherwise, wait for 3280 to make short position with S/L 3331. Overall, market is expected to be weak until Monday & Tuesday.
Also, short position was advised in DOW @ 27250, NASDASQ @ 11150 (covered DOW @ 26800 & NASDAQ @ 10800).
Update: Made 50% long position in S&P500 @ 3210, DOW @ 26550, NASDAQ @ 10800. Also bought Netflix, Apple, Google, Microsoft, NVDA, Zoom Video at today’s US opening.