-- Published: Friday, 16 March 2018 | Print | Disqus
Gold and silver fell on uncertainty in global financial markets. The USA is trying to blackmail South Korea over trade tariffs by saying that it will roll back military support. Black mailing will not work with South Korea. The USA needs South Korea as an ally MORE than the other way around. USA/NATO now wants to command the South China Sea and the Indian Ocean due to the mineral wealth under the sea bed. Suddenly India becomes a friend of the USA and Pakistan gets ditched after Afghanistan opium trade gets under its control. Without the support of India and South Korea, American desire to control the Indian Ocean and the South China Sea will not work. China is not an enemy to the world. I do not think China will ever do a Yemen to any nation in the world. China is trying to protect Asian territorial integrity. Protectionism, Blackmailing and underarm tactics by the USA will quicken the pace of US dollar dumping. Nations will increase gold reserves and reduce investment in US treasuries.
Traders will take positions for the FOMC meet next week. Inflation outlook will be the key. An interest rate hike has been factored in by the markets. After next week’s interest rate hike, traders will start preparing for June’s interest rate hike. I expect a big pause by the Federal Reserve after June’s interest rate hike unless crude oil prices zoom. Gold will be affected more by other factors such as the UK-Russia spat on spy issue, Russia meddling in US elections, USA-North Korean peace talks (if any) in May and possible outcome, Spillover effects of American trade war under the garb of protectionism. Gold needs to trade over key technical support to continue its short term bullish trend. Any escalation in the non-economic events can result in prices zooming.
COMEX GOLD APRIL 2018 – current price $1316.60
Bullish over $1312.80 with $1324.30-$1335.50 as price target.
Bearish below $1309.40 with $1301.60 and $1294.80 as price target.
- Gold needs to trade over $1309.40 to rise to $1335.50.
- Crash will be there only below $1309.40.
HAPPY PROFITABLE TRADING &HAVE A GREAT WEEKEND
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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, 16 March 2018 | E-Mail | Print | Source: GoldSeek.com
