-- Published: Tuesday, 29 August 2017 | Print | Disqus
North Korean risk is adding to the support of gold and silver bulls. Everywhere there is fear of Islamic terrorists striking anytime. The problem is not with Islam as a religion. The problem is with Saudi Arabia’s form of “Wahhabi Islam” which is very brutal and inhumane. Saudi’s are luring more and more people to practice “Wahhabi Islam” with the sole motive of ruling the world in the future. Crude oil money has ensured that Saudi’s finance the globalization of “Wahhabi Islam” in every nook and corner of world. The American politicians are happy as it keeps American arms manufacturers full of long term orders. Religious terrorism along with political terrorism will continue to lend support to gold, silver, bitcoins and other non US dollar forms of investment.
Wednesday is a big day for metals and the US dollar with US GDP numbers and August private ADP numbers. The mess of Houston is yet to be known. Houston is a big failure of the American political system. Houston tells us that American politicians work only for the rich and never for the poor masses. Manipulation of election by the American political mafia will reduce in the state elections next year and keep on reducing over the coming years.
There will be short covering and an increase in net long positions in gold and silver. Profit taking before the release of US August nonfarm payrolls will be a part and parcel of a short term bull rally. Crude oil is bearish. Copper needs to break and trade over $312.20 to attract short covering.
COMEX COPPER DECEMBER 2017 – current price $310.10
Bullish over $304.60 with $312.30 and $320.30 as price target
Bearish below $301.10 with $297.10 and $294.30 as price target
- Copper can rise to $315.90 and $320.20 today as long as it trades over $304.60.
- There will be a very quick rise if copper manages to break and trade over $312.30.
MCX COPPER AUGUST 2017 – previous day close Rs.431.00
Immediate resistance is at 436.40. Only a break of 436.40 will trigger another wave of rise to 444.50 and 449.50. Copper needs to trade over 425.70 till Thursday to continue its bullish trend.
(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, 29 August 2017 | E-Mail | Print | Source: GoldSeek.com