-- Published: Tuesday, 18 September 2018 | Print | Disqus
Gold and silver fell but are still trading in a range as Trump imposed the proposed $200 billion trade tariff from China. The US dollar has not zoomed nor has gold and silver crashed. This move was anticipated. If gold and silver fall today, then there will be a sell off. It is wait and watch for gold and silver.
A Russian plane is missing in Syria. The French and Israeli’s are the potential culprits. The Turkey-Russia proposed demilitarization zone in Idlib has not gone down well with the NATO. It remains to be seen how the Russians react.
Economics & Trump trade wars
Trump says that if Chinese imposes retaliatory tariffs on American farm products then almost all imports from china will be subjected to more tariffs. China can easily retaliate by imposing a complete ban on American technology companies. The stock value of Apple and others could just crash if China moves into a full scale trade war with the USA. China is also a very big market for American products. It is just a wait and watch for now.
Inflation will rise over the coming months. The Federal Reserve will keep on raising interest rates every quarter till March. Gold will not be significantly affected by the new trade tariff. The pace of rise of gold will be slow. Silver will find it difficult to rise if industrials sell off.
COMEX GOLD DECEMBER 2018 – current price $1202.30
Bullish over $1198.00 with $1206.10 and $1215.40 as price target.
Bearish below $1193.30 with $1188.40 and $1180.80 as price target.
· Gold needs to trade over $1196 to rise to $1213 and $1219.
· Crash will be there if gold trades below $1196 for the rest of the day.
· Watch $1200. Gold can move $12 anytime from $1200.
MCX GOLD OCTOBER – previous day close Rs.30776.00
· Only a break of 30877 will trigger a rise to 31103 and 31206.
· Overall trend is bullish as long as gold trades over 30675.
· Crash or sell off will be there below 30675.
· Direction of the rupee against the US dollar will be the key.
(prices in Indian rupees above)
HAPPY PROFITABLE TRADING
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: Tuesday, 18 September 2018 | E-Mail | Print | Source: GoldSeek.com