-- Published: Friday, 11 August 2017 | Print | Disqus
Factors which can affect markets
Trump’s rhetoric on nuclear attack on North Korea is a case of barking dogs seldom bite. A nuclear attack on North Korea will indirectly affect people of South Korea as well as people of China. The Japanese Fukushima nuclear disaster is still yet to be fully controlled despite many years. All news related to Fukushima is highly censored. There is a difference between armed attack to dethrone the North Korean monarchy and a nuclear attack. There is a little doubt that North Korea will very soon become a colony of NATO. The American knows that North Korea armed attack will get over quickly whenever they want it. So they have now started Venezuela. American say that Venezuelan elections is rigged and was not conducted in the way they want to. America’s message to the world is that if anything is not done as per their whims and fancies then unleash a global alienation for that nation. On the contrary everyone knows that American elections is the most rigged election among the democratic nations. Certain reports say that the per capita alcoholics is highest in USA in the world, USA has the highest per capita credit card debt. The real purchasing power of the US dollar is on the slide. In the long term gold will rise. Gold is money. Gold is the real asset.
One needs to look for signs of profit taking gold and silver as the week has been historical. I am against going long in gold and silver unless resistances are broken. Those who are long in gold, silver and copper need to use stop losses at cost.
COMEX GOLD DECEMBER 2017 – current price $1292.04
Bullish over $1292.90 with $1298.80-$1304.10 and $1311.30 as price target
Bearish below $1284.70 with $1274.60 and $1262.90 as price target.
Neutral Zone between: $1284.70-$1292.90
· There is a technical congestion between $1298-$1301-$1304.10 zone. Only a break of this zone will trigger another wave of rise to $1311.30 and $1327.60.
· There will be chances correction as long as gold does not break $1304.10.
· Gold can fall to $1281.20 and $1263.30 in case gold does not break $1304.10 by Monday.
· Momentum is bullish. Technically rise is subject to break of key technical resistances.
· A daily close over $1290 today and Monday will be very bullish for gold in the short term.
MCX GOLD OCTOBER – previous close Rs.29176
Gold can rise to 29395 and 29572 as long as it trades over 29074. Sellers will be there only below 29074 to 28930 and 28752. Day traders watch 29212 all the time.
(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: Friday, 11 August 2017 | E-Mail | Print | Source: GoldSeek.com
