SILVER - Get ready for the next move. .

The Nifty moves up on correction today . As indicated yesterday, the overall structure remains weak and traders must use this upmove to lighten their longs...

Coming to Commodities, GOLD made a new high yesterday at Rs 16500+ ( I had analysed gold a few days back, I am sure those of you who traded in Gold on the indicated break out of Rs 16000, are smiling from cheek to cheek!! )

SILVER on the other hand seems to have slightly underperformed Gold. But it is time now to have a re-look .....



Silver is taking rest at present and is forming a 'rectangle continuation pattern'.. A rise above Rs 27500 should give a good break out and medium term traders can target a move towards Rs.30,000/-. Keep stoploss at Rs 25750 being the crucial support level.

Commodities markets are likely to perform better than equity markets in the near term - No doubt today's traders need to trade in multiple markets!!!!

Happy trading !

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.