Nifty Analysis
Nifty remained subdue in last week and touched its crucial falling trendline resistance. Daily chart is witnessing an H/S top pattern and about to complete its right shoulder. Above 8660 closing this pattern would be negated. Hence we assume the coming week might witness some wild moves. For the coming week, strong resistance at 8660 levels and below fall is expected till 8520-8460 levels. ( Spot levels)
Silver Analysis
After few lackluster trades , finally silver brought some smile on the bulls face and touched its crucial resistance at 34400 levels. As seen from the above chart, RSI and price pierced its falling trendline , but there are series of resistances at 343440-34890 levels. But advise to go short on rise till 34400-34700 for a downside targets till 33300-32900 levels.
Gold Analysis
After a steep fall gold some how managed to gain till 25000 levels which is technically + psychological resistance. Gold is forming a Bearish Flag pattern which is backed by the volumes. We assume a small rally till 25000-25060 is a good levels to go shorts targets till 24400-24100 levels with a SL near 25360 levels.
Nishant Bali, CMT
Independent Consultant