Every tom, dick and harry in gold and silver physical trade in different parts of India knows that gold will rise to $700 in the short term and silver over $1600 and that they are all buying on dips (whether physical or otherwise). This is a cause of concern whenever retail investor is extremely bullish the market moves in such a way that his stop losses are hit and then rises. The same could happen to gold.
Spot gold inability to edge past $650 has resulted in selling at higher levels. Investors are nervous about the rise in gold which has resulted sellers at higher levels. The pace of the US dollars slide has also slowed down after stronger than expected than rise in US services sector. However any fall of five percent to ten percent from the current levels will once again provide another long term investment opportunity..
GOLD -- FEBRUARY FUTURE
Gold needs to hold $637.40 to prevent further losses to 628.50. On the higher side $661.20 is the resistance.
SILVER -- MARCH FUTURE
Silver needs to break $1435 for $1456. On the lower side $1355 and $1329 are the support levels. This is just a technical correction in silver.
Happy Profitable Trading
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