-- Published: Tuesday, 17 October 2017 | Print | Disqus
Diwali greetings to all
The inability of gold and silver to trade over $1311 and $1750 is not a very positive sign in the short term. If by Friday gold and silver are unable to break and trade over $1311 and $1750 on a daily closing basis, then short sellers could dictate prices. Incoming US economic data releases suggest a firm and sustained US economy at least till the first quarter of next year.
In the short term gold and silver will always fall whenever focus shifts to economics. Gold and silver are in the short term just supported by continued geopolitical risk and demographic changes caused by geopolitical events. People’s movement, forced national boundary changes among other events take time to materialize. Corrections in gold and silver are a part and parcel of a long term bull rally.
Day traders and short term traders need to be very careful in metals and energies trade for the rest of the year. Prices will follow the zig-zag pattern. Short term traders can have a difficult time judging the trend and making their investment.
Last Diwali I had asked everyone to buy physical gold and silver for this Diwali. I am again asking everyone to buy physical gold and silver for next Diwali. No future, no options, no ETF, only physical gold and silver investment.
COMEX SILVER DECEMBER 2017 – current price $1723.60
Bullish over $1748.50 with $1767.50 and $1809.50 as price target
Bearish below $1728.80 with $1706.50 and $1688.70 as price target
· Silver needs to trade over $1728 today to rise to $1748 and $1767.
· Key support is at $1710.70.
MCX SILVER DECEMBER 2017 – previous day close Rs.40341.
- Medium term resistance is at 41407. Silver has to break and trade over 41407 by the first week of November to rise to 46172.
- In case silver does not break 41407 by the first week of November, then it will fall to 37785.
- Today silver needs to trade over 40114 to rise to 40714 and 41407.
- There will be a sell off only below 40114 to 39860 and 39269.
(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, 17 October 2017 | E-Mail | Print | Source: GoldSeek.com