This is really a big week for gold, silver and copper. The recent range trade in them should be breached and a new range formed. Gold will break free from the $1300-$1370 range. Silver will break free from the $1850-$2050 range. Crude oil will break free from the $42.50-$49.50 range. A bad trade and you just might not be capable to trade for the rest of the year. A good trade will imply a Diwali in the shradh period. Please do not curse luck if you did a bad trade. Patience, instincts and timing will be the key to trade not just this week but also for the rest of the year.
Previously one of my clients was a compulsive daily trader. If by the evening he/she did not get an opportunity to trade, then he/she would (in my view) end up with a bad stomach. Slowly I tried to convince them to do away with this compulsive mentality to trade and wait for the right time to trade. Over a period of time, he/she is very happy as profits are there, the constant niggling thought to recover previous day losses are not there and confidence to trade and invest has increased multiple times.
This post was published at GoldSeek on 26 September 2016.
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