-- Published: Friday, 22 September 2017 | Print | Disqus
Once again North Korean risk is supporting gold. Today and Monday there is not much US economic data releases. One needs to look for signs of weekend profit taking in everything. Hedge funds have already taken positions for next quarter. Retail traders will take positions for the next quarter from today and till next week. I reiterate that Asian physical demand and premiums on physical will be the key to price moves. A subdued demand in Asia can result in another wave of sell off in precious metals and base metals.
Negative sentiment on bitcoins and cryptocurrencies will also prevent gold and silver from a big crash. There are still a lot of positive factors to remain invested in gold and silver. Jim Rogers says that ETF investors will suffer in the long term. I am not a great fan of ETF. I prefer precious metals, land and fundamentally strong stocks as a part of balanced investment portfolio. Bond market investment are needed to save tax liability.
There will be short covering and renewed building of short term long positions if gold and silver rise today.
COMEX SILVER DECEMBER 2017 – current price $1709.30
Bullish over $1682.70 with $1727.00 and $1742.30 as price target
Bearish below $1670.80 with $1651.70 and $1620.80 as price target
Neutral Zone between: $1670.80-$1682.70.
· Silver needs to trade over $1682.70-$1705.60 zone till next week to rise to $1763.60.
· Sell off will be there only below this zone.
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, 22 September 2017 | E-Mail | Print | Source: GoldSeek.com