Gold and silver continue their dream run as spot prices rose to a high of $505.70 and $853.00 respectively. Copper also followed gold and silver as February future reached a high of $200.30 as tight supplies failed to keep pace with rising global demand, amid speculation that China would buy the metal to cover wrong way-bets in the futures market.
Investors continued to pour more funds into commodity markets even though prices have moved beyond the fundamentals levels. There is fresh investment fund buying, and traders who were short are covering their positions. The manipulators of gold and silver prices will not earn much by jacking up the prices as everybody is buying first and selling later. A big correction can be expected anytime.
The prices of gold and silver will not rise much beyond the current levels and that the current rally is fake. Gold and silver have not retraced by a single penny from 2nd November. Gold has risen by more than $60.00 over the past one month and may rise by another $10 - $15 before a major crash. Silver will rise more than gold and fall less than gold.
GOLD
Gold is now trading in a new range of $500.00 - $515.00. It’s a oversold condition and may fall to $492.00 next week if it fails to break $515.00 on Monday.
SILVER
Silver needs to break and close over $882.00 for $908.00. On the lower side as long as $850.00 holds on closing basis the downside is limited. A consolidated fall below $850.00 will result in $830.00 as the next support level.
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