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Global Stock Indices
Last Friday, following trend was observed:
By today’s US afternoon session, the top of US market is expected. There onwards, a reversal is possible. On Tuesday, recovery will be observed from lower levels. On Wednesday, bullish trend is indicated. On Thursday, positivity is possible. On Friday, a slightly bearish trend is predicted. Next Monday, a considerable gap down opening is possible. S&P500 has support at 2880 and resistance at 2939.
In the week ahead if support is not breached then it may move up to 2970 or higher. If S&P500 moves up to 2970 in this week then you can start adding short position in installments (@ 2970 & 3000).
Alert: Today, markets in Japan, India and Singapore are closed.
In the last week, Gold made a high of 1534 on Wednesday while Silver made a high of 17.25. From a medium-term perspective, Gold and Silver are bullish. Due to direct Jupiter, there is a possibility of a sharp decline by the next session. Gold may drop down to 1480-1450 while Silver may drop down to 16.00. Gold has support at 1440 while Silver has support at 15.80.
From Wednesday to Friday, mixed to positive trend is indicated. From next week, precious metals will again turn bullish.
We asked you to short Gold @ 1520-1524 last week. Hold this short in Gold (Dec) and Silver (Sep) with S/L 1535 and 17.35.
MCX Traders: In the previous week, Gold made a high of 38500 while Silver made a high of 43850. If Gold and Silver don’t cross these highs ahead then Gold may drop down to 37000-36000 while Silver may drop down to 42000-41000. MCX will be open for the evening session.
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