-- Published: Tuesday, 17 September 2019 | Print | Disqus
Inability of gold and silver to rise yesterday, in my view was just profit taking and nothing else. Most of the traders were long or are long before the FOMC tomorrow. So basically zero effect on intraday price move. However gold and silver have risen in all currencies except the US dollar. Gold prices rose in Indian rupees and other Asian currencies. Another reason to short the US dollar Index and go long in gold. One needs to use sharp correction in gold and silver to go long.
In less than twenty four hours after the attack of crude oil facilities in Iran, Trump and Saudi Arabia come to the conclusion that Iran is behind the attack. Does that not sound Fishy? This just a propaganda war to turn Iran into another Iraq or Libya. Iran may not attacked and captured this year. I expect an attack on Iran either next year or thereafter who so ever becomes the US president in 2020. President’s comes and go but NATO agenda is the same. Debasement of US dollar and global currency markets will only quicken now. The overall pace of rise of gold will only rise. Continue to invest in gold and silver. Also look at certain crypto currencies for investment.
There are reports that petrol prices in India will rise by Rs.5-Rs.6 anytime after yesterday’s crude oil spike. Can Indian people afford a petrol/diesel price rise of Rs.5-Rs.6 per litre. I do not think so. There will be adverse effect on consumption. Consumer spending will be there only on bare surviving essentials and nothing else even during the festival period next month.
Not just India, lot of other nations will see a rise in petrol and diesel prices. Central banks will be caught between energy price induced inflation and the need to cut interest rates for higher growth. Big recession will be worldwide if crude prices rise for a few months. Keep a close watch on crude oil price. I will prefer to use sharp rise to go short in crude oil price. Cautious optimism on stock for the short term.
COMEX GOLD DECEMBER 2019 – current price $1506.45
· Back to square one as gold needs to trade over $1500 to rise to $1531.
· Crash will be there if gold trades below $1500.00 to $1494 and $1482 OR gold does not break 1522.00.
MCX Gold October 2019: (previous day close/CMP Rs.38180)
- Gold can rise to 38778 as long as it trades over 37819.
- Crash will be there only if gold trades below 37819 to 375224 and 37229.
(prices in Indian rupees above)
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NOTES TO THE ABOVE REPORT
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-- Published: Tuesday, 17 September 2019 | E-Mail | Print | Source: GoldSeek.com