-- Published: Tuesday, 12 September 2017 | Print | Disqus
Physical buyers of gold and silver will be looking for signs of a bottom formation. Premiums will rise with every fall. This is just profit taking before the Bank of England meeting on Thursday and the FOMC meet next week. I do not expect surprises in either of the meetings but investors are cautious. Quarter end profit taking is also seen in bullion and currency markets. German elections after the FOMC meeting will also keep everyone on their toes.
The first step towards an attack on North Korea has been started with the beginning of trade sanctions. The difference is that the land border with China and Russia could nullify the effects of trade sanctions. I am sure no one in Asia will ever want an armed conflict in the Korean peninsula. NATO may try a covert operation to try and get rid of Kim. After the success in Syria, Russia will try the same with North Korea. Korean risk will prevent a sharp collapse in gold and silver prices in the medium term.
COMEX GOLD DECEMBER 2017 – current price $1329.60
Bullish over $1342.20 with $1347.20 and $1355.00 as price target
Bearish below $1335.50 with $1321.90 and $1310.80 as price target.
Neutral Zone between: $1335.50-$1342.20
- Initial support is at $1326.20. There will be a sell off below $1326.20 to $1318.50 and $1306.30.
- Buyers under either of the two conditions (a) Gold does not fall below $1318.50 (b) Gold breaks and trades over $1342.90.
MCX GOLD OCTOBER 2017 – previous day close Rs.29933.
Gold can fall to 29749 and 29618 as long as it trades below 30009. Bullish trend reversal only if gold trades over 30009 today.
(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
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 12 September 2017 | E-Mail | Print | Source: GoldSeek.com