gold & silver view , 16th August

Gold breaking out above 2480$ 

Amid rate cut possibilities in September 

While silver not moving and underperforming here 

US market is in rally yesterday both Dow & Nasdaq move 2-2.5% 

If gold sustain above 2480$ then 40-60$ move can be shown upside in next week

VIEWS ON SILVER AFTER IMPORT DUTY REDUCTION

 VIEWS ON SILVER 

SO AS We See The Fall After Custom duty Reduced By 6% in Both GOLD & SILVER 

So Lets Understand HOW TECHNICAL STRUCTURE Are Looking Right Now & What can be Possible Here for Next Few Days 

so lets see how charts are looking at this point of time and what we are the possibility 

SILVER - lets first talk about the Silver Comex 

weekly charts view as we see from May onwards SILVER  Moving in a range of 26$ to 32$

and from may 1st to 20th may it rallied 20-21%  upside 

and again after 20th may it slumps to 29$ 

and from 26th june it started rallying and made 31.5$ high on 10th July 

and before Budget we can see a slight sell off if you look at the chart and then in budget import duty reduced and now we are here at 

28$ (budget impacted only MCX prices)

so if you can understand the technical then you can see the pattern on upside & downside on this chart 

so lets come to the point 

MAJOR SUPPORT HERE IN SILVER COMEX ARE 27.5$ AND 26$ (which is MULTIYEAR SUPPORT) 

BIASED VIEW LOOKING AT TEACHNICALS IS SELL SIDE 

NOW Lets talk about SILVER MCX here 

So Right Now What we should looking is comex prices movement because after import duty reduction mcx levels wonts make any significance here 

but still here ARE SOME MAJOR SUPPORT in SILVER MCX AT 80000 & 78000(very important support for bulls to hold ) 

VIEWS ON GOLD AFTER CUSTOM DUTY REDUCTION

 VIEWS ON GOLD 

SO AS We See The Fall After Custom duty Reduced By 6% in Both GOLD & SILVER 

So Lets Understand HOW TECHNICAL STRUCTURE Are Looking Right Now & What can be Possible Move Here for Next Few Days 

As I Always Mentioned That Following A System Is More Important Rather Then Assuming & Take Assumption About the Markets

Because No Matter How We look at News-Data-Technicals

Ultimately Our Position Sizing Decides The Outcome of Our Trading In These Asset Class 

And If You Stuck At This Time Then Your Margin Money & Temperament Will decide Either You Are Going Hold Position or Book Losses 

So Lets See How Charts Are Looking at this point of time and what we are the possibilities 

GOLD - lets first talk about the Gold Comex 

weekly charts view as we see from May onwards Gold Moving in a range of 2285$ to 2450$ 

and from may 1st to 20th may it rallied 7% upside from 2285$ to 2450$

and again after 20th may it slumps to 2285$ till 10th of June 

10th June to 26th June gold move between 2300$ to 2360$ 

and from 26th June it started rallying and made 2483$ high on 17th July 

and before Budget we can see a slight sell off if you look at the chart and then in budget import duty reduced and now we are here at 

2375$ (budget impacted only MCX prices)

So If you can understand the Technical then you can see the pattern on upside & downside on this chart 

so lets come to the point 

MAJOR SUPPORT HERE IN GOLD COMEX ARE 2360$-- 2340$--- And Finally 2290$ and if 2290$ break then we see 2200$ levels also (will discuss this in upcoming blog)

BIASED VIEW LOOKING AT TEACHNICALS IS SELL SIDE 

NOW Lets talk about GOLD MCX here 

So Right now what we should looking is Comex prices movement because after import duty reduction mcx levels wonts make any significance here 

but still here ARE SOME MAJOR SUPPORT , GOLD AT 67830 RIGHT NOW 

GOLD MCX - MAJOR SUPPORT ZONE 66250--65400 & 64000 (65400 WILL BE IMPORTNAT SUPPORT ZONE IN MY OPINION)

SILVER VIEW 👉open

Discussion on Agriculture Stocks

Open the link below 

agriculture theme stocks

Stocks discussed

GODREJ AGROVET 

 

KAVERI SEEDS 

AVANTI FEEDS

BUDGET 2024

Long-term cap gains on all financial & non-financial instruments will attract 12.5% (before 10%) 

STCG Increased to 20% (from 15%)  

🔸Limit of long-term cap tax gains exemption hiked to Rs 1.25 lakh from Rs 1 lakh.

🔸Listed financial assets held for more than 1 year will be long term.

🔸Long-term capital gains tax increased to 12.5% from 10%

2 changes in the New Tax Regime

🔸Standard deduction to be increased from Rs 50,000 to Rs 75,000

🔸New Tax Slabs

Rs 0-3 lakhs : Nil

Rs 3-7 lakhs : 5%

Rs 7-10 lakhs : 10%

Rs 10-12 lakhs : 15%

Rs 12-15 lakhs : 20%

Above 15 lakhs : 30%

Security Transaction Tax on F&O increased to 0.02% from 0.01% 

the customs duty on gold and silver will be reduced to 6%, while the duty on platinum will be lowered to 6.4%.

Quotes on Trading

 Here are some insightful and thought-provoking quotes on trading, gathered from renowned traders and market experts:

• Patience and Discipline: “I’ve never known a man who was good at making decisions or good at trading stock to be poor.” - Jesse Livermore
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• Risk Management: “Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment.” - Joe Vidich
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• Market Behavior: “Short-term volatility is greatest at turning points and diminishes as a trend becomes established.” - George Soros
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• Trading Philosophy: “I used fundamentals for nine years and got rich as a technician.” - Martin Schwartz
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• Emotional Control: “Are you willing to lose money on a trade? If not, then don’t take it. You can only win if you’re not afraid to lose.” - Sami Abusaad
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• Market Analysis: “Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.” - Jesse Livermore
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• Trading Psychology: “I believe in analysis and not forecasting.” - Nicolas Darvas
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• Adaptability: “The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” - Brett Steenbarger