-- Published: Thursday, 2 November 2017 | Print | Disqus
Terrorism now reaches Colorado. Terrorism in the USA will prevent gold prices from a fall. Incoming US economic data releases suggest robust growth. Apart from the December interest rate hike, the chances of a March interest rate hike (by the Federal Reserve) will rise if October NFP comes in over 225,000. Political developments will shape the interest rate scenario. Everyone is calling global stock markets to correct, but the same is not happening. The longer it takes for global stock markets to correct, the chances of bubble formation will be there.
At the moment, too much money is chasing too few goods in the world. Global house prices have reached the stratosphere at the moment and look headed into Mars. Housing is a bubble. The global housing bubble will burst later than sooner. Gold’s parabolic bull run will begin when the global housing bubble will burst.
COMEX GOLD DECEMBER 2017 – current price $1280.79
Bullish over $1270.10 with $1288.30 and $1296.40 as price target.
Bearish below $1267.30 with $1262.50 and $1255.60 as price target.
- Gold can rise to $1288 and $1302 as long as it trades over $1272.
- Watch $1282 all the time.
MCX GOLD DECEMBER 2017 – previous day close Rs.29221.
· There is a technical congestion between the 28936-29127 zone. Gold needs to trade over 28936-29127 for the rest of the month to rise to 29700 and 30064.
· The next wave of crash will be only below 28936.
· Immediate support is at 29127. Gold can rise to 29400 and 29509 today as long as it trades over 29127.
· Selling preferable only if gold trades below 29127 with some trailing stop loss.
(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: Thursday, 2 November 2017 | E-Mail | Print | Source: GoldSeek.com
