-- Published: Monday, 12 September 2016 | Print | Disqus
Technically gold and silver are bearish and need to trade over $1319 and $1830 this week to continue in a bullish zone. A big crash will be there only if gold trades below $1319 and silver trades below $1830. Next week is the FOMC meet. Interest rates are not expected to be raised. One should use sharp dips (till the FOMC meet) in gold, silver and copper to invest for next month. The only risk to the bullish view is an interest rate hike is done or green shoots are said over the state of the US economy.
Bakr-Eid is now a big global festival. As the so called Islamophobia gets embraced by Europe and Americans, Islamic festivals will soon topple Christian festivals (by way of spending and holidays) over the coming years. Today is Bakr-Eid. Apart from the animal sacrifice, I will be closely watching the spending by Islamic people. It will give us a direction of which industries one needs to invest in for the long term. Wahabism and Sharia will dictate long term investment strategy. If you are not updated with the same, your portfolio will be a street beater. Gold, silver and other precious metals will be the ultimate winners. NATO has turned Europe into another Afghanistan.
Trade carefully. There will be big move periods as well as consolidation periods. Trend reversal will be there only if Asian demand rises. Half of Asia is already closed.
COMEX GOLD DECEMBER 2016 – current price $1331.10
Bullish over $1338.10 with $1346.80 and $1356.10 as price target
Bearish below $1328.60 with $1321.10 and $1312.20 as price target.
- There is a technical congestion between $1303-$1312-$1319 zone. Gold needs to trade over this zone to rise to $1356
- Big crash only if gold trades below $1326 either in the UK session or the US session.
- Jobbers watch $1331 today.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 7pm pm Indian Standard Time (+5:30 GMT)
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Monday, 12 September 2016 | E-Mail | Print | Source: GoldSeek.com