Transcription
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
Hello there, friends, welcome to your very own YouTube channel. But there is a very big breaking news coming that Mr. Trump has announced a 100% tariff on Chinese products, on all products. Which will be seen kicking in from the first of November. He has once again opened up the entire tariff war front. Where gold was down 7800 points in Friday's session, on the other hand, buying was seen again in gold in MCX in volatility. In Comex, by the time of closing at night, a rise of $43 or 1% was seen. On the other hand, a decline was seen in base metals. What will happen in silver? Will silver be 5000 points up or gap down by 5000 points? Then this video is for you. Will there be a fresh rally of 1050 from here in gold, or will it stop at ₹130, or will gold correct again? It seems that Mr. Trump's tweets and Mr. Trump's tariff war are being sought, and his only objective is to see how far safe haven gold can be taken. So let's break it down from the technical charts and understand what the strategy for this week could be. Before that, if you are new to the channel, please like the channel, subscribe, and press the bell icon.
[Music]
Friends, if we look at the Comex chart, gold hit the Fibonacci extension of the major five waves, or the Elliott Wave extension, and from there we saw a strong rebound and a strong correction in Thursday's session, where a correction of $14 from $458 to $3944 was seen from the top. But yet again, after Mr. Trump's tweet on Friday, this follow-up selling that was happening, somehow it seemed to be moving towards buying again. So Comex gold is currently stuck at the Fibonacci and Elliott Wave extension of the fifth wave. So it is a matter of great attention what will happen next week. So if we look at the one-hour timeframe, on the one-hour timeframe, it is seen rising by taking support of the 20 EMA and 50 EMA. So MACD volume divergence has both turned positive. So it has turned from support on the one-hour timeframe. So if you want to tune into Comex gold, then next week 459 is a resistance cluster for you. If it crosses that, then moves up to 4130 can be seen. Bears will be dominant below 3950. If the support of 3950 breaks, then you can see supports of 3890 and below that 3815.
Friends, we are analyzing MCX gold. But tell me, what is happening? MCX gold has gone crazy. Before Mr. Donald Trump, I think it was at the level of 70000 odd. Today it has reached the level of 12000. Will any economic solution come out of this tariff trade war? I don't think so. What is your view? Do write in the comments. So let's analyze MCX gold. See, if we look at the technical charts of MCX gold, the fifth wave pattern of Elliott Wave seems to be completing. On the daily chart at 123677, which is also the 1.791 Fibonacci Elliott Wave extension zone. From there we saw a strong correction and gold came down to 1200 in that correction. Yesterday, on the lower level trajectory, it was around 1,20,000, but after Mr. Donald Trump's tweet, it started gaining momentum. So, looking at the short-term bias, MACD is at the top. Everything is at the top, but gold is being driven by tweets, not by technicals. Okay? So since tweets are driving it, we will have to go to a shorter timeframe for the tweets. Looking at the one-hour timeframe, 1,20,000 and 1,20,400 are important supports for MCX gold. Until these supports are breached, major corrections will not come. As a trader, as an investor, you need to keep the level of ₹1,20,000 in mind. On the higher end, 12,23,350 is an important resistance cluster, which you can also consider as the latest high, 123677. Okay? When it hits that high and breaks it, it will be seen moving further up. But on Monday, gold might be seen higher on a downward reaction. So I am telling you both resistance clusters in gold. The first will be 122463, keep the level of 122460 in mind, and above that 12367. These two levels will act as resistance for you. On the support side, the R3, which was previously resistance, might act as support for you on the hourly chart. So 12500 and ₹1200, these two levels will act as important support for you. Okay? The daily chart is overbought. On the weekly chart, if it had not reversed yesterday, a shooting star candlestick pattern was forming. But again, it was nullified. So as long as gold does not go below 12000, there is a probability that it will surge upwards, and if it crosses 2367 upwards, it can even hit levels of 126700 before Diwali.
Friends, Mr. Donald Trump has imposed a 100% tariff on Chinese imports. So now these global tensions are escalating again. And whenever historically precious metals, whenever historically such things happen, precious metals generally outperform. So China is the top industrial supplier and a consumer of silver, and also a supplier in some way. If these tariff escalations increase, its supply chains will be disturbed. I think its manufacturing will be hit. So its impact could also be reversed on silver. We might see gap-down openings in silver or a correction of 4-5000 points in silver in the short term, if the market analyzes that China's manufacturing will be dented. So let's break it down from the technical charts.
So friends, see, in this way, on the weekly chart, in technical patterns, at the completion of the fifth wave of Fibonacci and Elliott Wave, a top was indeed formed at 15388 on silver, from where we saw a correction up to 143900, approximately a correction of 10,000 points. But on Thursday and Friday, there was a lot of volatility in silver. From the top, 3000 points plus, then 3000 points minus, then a recovery of 3000 points from the bottom, then a fall of 2000 points. Doing all this, a doji has formed on the weekly chart for silver. When a doji has formed, a doji indicates indecision in the market. So now, due to this doji, the trend of silver has become cautious in the market. If you are a buyer, you will have to look at the support zones. The first support zone is 1442. The support zone below that is 140000. If 140 breaks, then it can come down to 129. But if 140 does not break, then silver will bounce from this range somewhere. So if you are a buyer, then 1:42 and 140 are important support zones for re-entry. If you want to buy, if you are short, then you can think about cutting your short there. On the weekly chart, if it crosses above 150, then it will be 153, and if it crosses 153, the high of the doji is broken, then escalated moves up to 168 and 180 can be seen in silver. On the monthly chart, it is trading at multi-year levels. In Comex, a breakout of $50 has occurred and it is trading above $50. This means it is entering all-time highs in Comex. Just as gold saw a 4-5% immediate rise after breaking out of multi-year levels, will we see the same in silver, or what will be the impact of tariffs on China? Do write in the comment box what your analysis is. But my analysis says that if a good reaction is found near the support, around the support of 1440, if it is found, then it will be a golden opportunity for silver to buy, because on the higher end, the charts of silver are very positive, and it seems that something big is going to happen.
So if you liked the video, like, comment, share, and for similar insights, keep following Vikas Bagaria.
[Music]