Iranian and other event risk along with mild fund buying resulted in gold and silver rising and holding on to the gains. Silver showed a impressive performance and its resilience indicates its will outperform every metal over the coming weeks. Crude oil prices fell under $69 a barrel but recovered thereafter. Euro has been trading in a range and a break out seems imminent.
If gold does not from here, Indian jewelers, traders as well as retail investors who were waiting for $600.00 will start buying gold either in the form of physical or futures, will start to invest. There will be sharp rise in demand from India. The peak festival demand will continue till the last week of October with the conclusion of Diwali and other festivals.
The Iranian risk is certainly there for sure and if sanctions are imposed on Iran, crude oil as well as gold and silver will zoom on safe haven demand. We have a long weekend and event risk will prevent traders from going short. Volumes should pick up from next week which will support gold prices. Today and tomorrow’s close will set the tone for September.
GOLD -- DECEMBER FUTURE
Gold has managed to hold $616.80 and should target $634.50 and $644.50. A consolidated break of $644.50 will result in $657.00. Only a consolidated fall below $616.80 will result in further losses to $607.60.
SILVER -- DECEMBER FUTURE
Silver should target $1320 and 1342. On the lower side $1237 and $1202 are the supports level. September future expiry will volatility to price movement.
Happy Profitable Trading
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