-- Published: Tuesday, 22 August 2017 | Print | Disqus
Factors which can affect markets
If gold starts to rise and manages to trade over $1300 for a few weeks then $2000 could be a remote possibility by the end of next near. At the moment downside risk is around $170 while the upside potential is infinity for gold. However a clear picture will be there only after September’s FOMC meet.
After a very long time I am hearing bullish whispers for gold all over the internet. The so called hardcore bears are now also bullish on gold. I am bullish on gold on political factors. The success of Islamic state actors in Europe also adds to the bullish cause for gold. The Islamic state is fighting a sort of guerilla war in Europe. A car ramming into a crowd and later blowing themselves up are just examples of guerilla war. The administration in Europe is now focused on reducing the success rate of Islamic state actors. Development money moves to security. Gold demand in Europe will continuously rise apart from Asia.
I must admit that Indian law enforcement agencies do a wonderful job to protect the people of India. The Islamic state has spread its wings in India. Our law enforcement agencies do not get the same facilities as European counterparts and still they do a wonderful job to keep us safe. The best thing of Indian law enforcement agencies is that they have a humane touch unlike its American counterparts who are legal serial killers.
In the short term there will be fears of correction as long as spot gold does not break and trade over $1300. Silver looks headed for $20.00. Copper if it manages to trade over $300 should get another twenty percent jump in the short term. Crude oil and natural gas will move on changes in long term demand issues.
COMEX GOLD DECEMBER 2017 – current price $1294.40
Bullish over $1289.60 with $1299.60 and $1308.70 as price target
Bearish below $1282.20 with $1275.50 and $1266.10 as price target.
Neutral Zone between: $1282.20-$1289.60
- Gold needs to trade over $1287.10 to rise to $1301.10 and $1308.60.
- Sellers will be there only below $1287.10.
MCX GOLD OCTOBER 2017 – previous day close Rs.29283
Gold needs to trade over 29122 to rise to 29409 and 29560. Sell off only if gold does not break 29409 today. Key price to watch today is 29290.
(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, 22 August 2017 | E-Mail | Print | Source: GoldSeek.com