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Silver can rally 30%, US markets may fall 10-15% from current levels: Gautam Shah

The founder and chief strategist of Goldilocks Premium Research says the technical indicators have not been in sync with the price action but because the Nifty had such a great run on account of a handful of stocks, no one questioned the technical indicators till Nifty hit 12,300-12,400 levels.

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Last Updated: Feb 26, 2020, 04.26 PM IST
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Gautam Shah-Goldilocks-1200
It has been in hibernation mode for many years now and if that level of 8.5-18.75 gets taken out on international silver prices, you could see a 30 per cent rally on that precious metal as well.
We have seen a rush to some of the safe-haven asset classes such as gold although prices have ebbed off. Do you think this rally is likely to continue; what levels do you see it hitting in the near term?

The rally in gold is likely to continue. We have been bullish on gold for a quarter now. It is already up 30 per cent from prices when we started covering it. It has all beautifully come together because you had an environment wherein precious metals started to do well and oil started to breakdown. The target we are looking at is $1,680. We tested that level a couple of days back but it is not going to end here. Another $120 upside towards the target of $1,800 is on the cards for gold. And silver is now making a comeback.

It has been in hibernation mode for many years now and if that level of 8.5-18.75 gets taken out on international silver prices, you could see a 30 per cent rally on that precious metal as well. It is one pocket that should act as insurance given what is happening around the world right now and given the fact that the US markets have the potential to lose another 10-15 per cent from here. The precious metals will not cool off the current rally.

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