-- Published: Friday, 13 October 2017 | Print | Disqus
The focus is on Bitcoin as it edged past $5000 and shows no sign of correction. Gold and silver are firm. It is just a technical trade. No one is taking seriously US economic data releases due to hurricane impact. Focus will shift to Japanese elections on 22nd October, Chinese communist party meet and demand. Short term traders are investing into Bitcoin and other forms of crypto currencies. Gold and silver will not attract short term hot money. Most of the investors in gold and silver are medium term to long term. The rally in gold and silver is on solid fundamentals.
Some of the readers might be thinking why I extensively discuss the impact of the global political situation on precious metals and currency markets. Firstly let me make it clear that my experience is that the rise of the Wahhabi form of Islam and rise of gold are synonymous. Crude oil prices fundamentally should not be more than $20. US politicians run the American arms factory. All the wars fought by USA/NATO are mainly for the profitability of US arms factory. As a result of these wars, Christianity is being replaced by Islam in Europe. A friend of mine is posted in Belgium. He says that Belgium is a mini Pakistan. There is a big shift in consumer demand behavior due to Islamic migrants everywhere. I read on the internet that more and more Sharia zones are being established all over Europe. Sharia means no consumption of alcohol, ignore the law of the land among others. At the end of the day it is the consumer demand which shapes everything. I look at clues for changes in consumer demand changes due to forced political events.
COMEX GOLD DECEMBER 2017 – current price $1298.50
Bullish over $1292.10 with $1302.10 and $1315.80 as price target.
Bearish below $1284.60 with $1280.40 and $1272.70 as price target.
Neutral Zone between: $1284.60-$1292.10
- Gold will see another wave of rise if it manages to trade over $1302.10 today to $1315.80 and $1325.80.
- Key support is at $1286.
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, 13 October 2017 | E-Mail | Print | Source: GoldSeek.com