GOLD and SILVER, week ahead

_________________________________________________________________________________

GOLD hits a high of $1790 on Friday but unable to stay, closed flat, was a sideways week. Still there is strength to move higher with sideways movement but any outside influence can bring a chance of correction.

Strong support of gold is $1750 and strong res $1799/1801. Intermediate sup $1764/66, below strong sup of $1749/50, can attract corrective back towards $1730/31 and $1718/19. Intermediate res are $1782/83 and $1792.

Any convincing move higher above $1800, can boost towards $1840.

SILVER also hits a high of $35.26 on Friday eve, but fails to stay and closed flat. It was also a sideways week alike gold. Near term sideway to corrective move possible.

Strong support $33.7 and strong res $36/36.08. nearby area $34 to $35.32/36, intermediate areas are $34.36/42, $34.76, $35.

Nature of silver is volatile, strength intact. Any convincing violation of $33.7, can attract correction towards $32/32.38. 

Outside influence or strong momentum above $35, can push towards strong res of $36/36.08. In this scenario can keep in mind about next solid res area which can consider $37 and $37.46/58.

_________________________________________________________________________________

COPPER to become semi-precious(?)

Uncertainty is rising and so volatility and volatility is a matter of concern. Copper outlook is bullish in long term while now short to midterm became positive.  

On daily picture copper has formed a double rounded bottom holding support area of 328c/lb and given a breakout of 355c/lb area and settled 364c/lb. and nearby target area seems 379/380c/lb.

On weekly another positive indication we are getting as taken out a trend resistance line and given a positive settlement which may hinting to get copper at psychological mark of $4/lb.

Everybody is talking about QE, it is almost certain more QE globally may today or tomorrow but if no QE anyway, then what (?), do you think all the metals and precious metals will fall and will be very cheap (?)… may there will be a sharp and sudden reaction pull prices down which will be very much temporary, investment demand and supply disruption and supply worry will push prices higher even for a new record.

Copper is tending to become semi-precious, the oldest metal of human generation.

NB: This for sharing thought and interest, not a trade recommendation.