The real democratic side of USA is revealed as its senators have made mockery of the elected president by making Trump not able to do anything. Trump has been trying to make the world a peaceful place to live. American politicians bank on war to make a fortune. Investors know that USA is now a leaderless nation. This is the key reason why the US dollar has not gained despite a good US monthly employment numbers. Politically Eurozone is much stable than USA. American policies in Eastern Europe and its bias towards filling Europe with Islamic migrants will only increase physical demand for gold from the region.

American companies are a loss in Russia. All the global trade laws have been flouted while imposing trade sanctions on Russia and other nations. Thankfully Russia also has a land border with China. China believes that USA should not interfere in South China Sea. Russia and China have a common enemy in the form of NATO. The barter trade between Russia and China will alienate American trade sanctions on Russia. The fall out is that both Russia and China have been continuously increasing their gold reserves and also diversifying their reserves.

One needs to watch for political news as it could bring sudden moves. Day traders and jobbers should trade in the technical and not worry too much. Low risk day traders should not leave any open position for next day. Better to be fence sitter today.

COMEX GOLD DECEMBER 2017 � current price $1265.80

Bullish over $1258.10 with $1273.10 and $1288.40 as price target

Bearish below $1254.10 with $1250.40 and  $1243.20 as price target.

Neutral Zone between: $1254.10-$1258.10

�        Gold managed to trade over $1258 yesterday and can rise to $1273.10 and  $1288.40 if it manages to trade over $1258.

�        Sell off only if gold does not break $1273.10 or gold falls below $1258.10

�        A daily close below $1268 today will be very bullish for the rest of the week.

MCX GOLD OCTOBER � previous day close Rs.28457

Key intraday support is at 28346. Key intraday resistance is at 28515. Trend is neutral. (a) Sell off will be there only if gold does not break and trade over 28515 or gold falls below 28346 (b) A break of 28515 will result in 28610 and 28831.

(prices in Indian rupees above)

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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 -- Published: Tuesday, 8 August 2017 | E-Mail  | Print  | Source: GoldSeek.com

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