GOLD SILVER UPDATE & HAPPY DIWALI : BUSINESS DESK CHIEFSWORLD

[CHIEFS WORLD]

Gold - A weekly close below 1643 would be bearish, a weekly close at
or above 1680 would be bullish. Some lateral resistance at 1655 to
1665. A move above 1702 would allow PoG to move up to 1770ish or
better. 1595 appears to be set up as critical support in the short
term, a break of which invites a move down to test 1440 to 1510.
Gold took out 1702, so 1770+ is possible, but needs to stay above
1648.

Silver - Key ST resistance at 32.00 to 32.33. Key MT support still at
28.41. There is a bullish CnH formation present that could propel PoS
to a calculated target of 37.55 if the rim line is breached at 32.70
this week. This bullish pattern will die if 28.41 is broken first and
possibly produce a fall into the $25 range


INDIAN STOCKS [NIFFTY]
In case the market survives above 4770 on weekly closings then the
probabilities of
inching upward will increase and we may expect minimum 5450 and 5700
on the
higher side. Remain bearish below 4700 and a bullish trader above
5200.
Our advice is to invest between 4800 and 4400 levels in index stocks
at each 100 points
decline with a medium term view. Be a trader or stock specific
investor between 4800
and 5600 levels. Be a contra trader or reduce long positions between
5600 and 5900.

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