-- Published: Monday, 7 October 2019 | Print | Disqus
Range bound trade in gold and silver should be broken this week and a new range should be formed. There will be good demand in gold as long as it trades over $1480. There will be good demand in silver as long as it trades over $1680. Copper, zinc and nickel are poised for a ten percent one way move. Industrial metal price moves will be dependent on perception of recession among traders.
Chinese officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump, ahead of negotiations this week. Gold and other safe havens will continue to rise. Gold has been delinked from the US dollar. It will continue to be delinked from the greenback.
Political developments will have a temporary impact on gold and silver and the currency market. US dollar is still the safe haven as UK and Eurozone have their own political problems. India should see huge foreign inflows should there be a political turmoil in USA and Hongkong condition deteriorate. Indian rupee could outperform Asian peers in the event of a continued global political crisis. (Fundamentals are not strong for the Indian economy. Indian stock markets are riddled by some form banking scam and stock scam every now and then.)
COMEX GOLD DECEMBER 2019 – current price $1512.65
· Gold needs to trade over $1500 to rise to $1530 and $1542.
· Crash will be there below $1500.
· Trend till Wednesday can change in gold as china reopens tomorrow.
MCX Gold December 2019: (previous day close/CMP Rs.38333)
o Key weekly resistance is at 38945.
o Gold needs to break and trade over 38945 to rise to 40072.
o Crash will be there if gold trades blow 37992.
o Wider trading range should be 37611-39055.
o 1000-1200 one way move will be there either on a fall below 37611 or a break of 39055.
o At the moment, trend is bullish.
(Price in Indian rupees above)
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-- Published: Monday, 7 October 2019 | E-Mail | Print | Source: GoldSeek.com