-- Published: Monday, 9 October 2017 | Print | Disqus
North Korean tensions are once again to the fore. I always believe that natural calamity are short term pains but long term gains for any nation. Reconstruction and relief efforts create more jobs for the low skilled workers than under normal days. Storms and hurricanes in the nation surrounding the Gulf of Mexico will create more jobs than before. At the end of the day low skilled job creation is something which every nation lacks. Nature will do its job in America more than its politicians. Demand for industrial metals always rises after a natural calamity in any part of earth.
Focus will shift to pre- election moves in Japan and political changes in the UK due to a continued delay in time for Brexit. Asian demand for gold and silver will also be the key this week. In India the festive season gets over in two weeks. Low Indian demand can result in further losses for gold. In my view gold smuggling into India from Gujrat ports is very high. Elections in Gujrat over the next few months should reduce gold smuggling from the state. Reduced gold smuggling in India will result in higher official gold imports in India.
US economic data releases will affect the markets if and only if any of them tell us that a December interest rate hike may not be there. FOMC minutes this week should be ignored unless softer growth is projected. Global political and economic factors will dictate prices of metals, energies and currency markets. Saudi Arabia shaking hands with Russia should be another reason to invest in gold for the long term.
COMEX SILVER DECEMBER 2017 – current price $1697.10
Bullish over $1663.20 with $1714.50 and $1745.50 as price target
Bearish below $1643.20 with $1621.50 and $1612.50 as price target
Neutral Zone between: $1663.20-$1643.20
· Initial resistance is at $1701. There will be another wave of rise over $1701 to $1708 and $1736.50.
· Silver will see short covering if it trades over $1708 today.
· Trend is bullish.
· Key weekly support is at $1663.20
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: Monday, 9 October 2017 | E-Mail | Print | Source: GoldSeek.com