-- Published: Tuesday, 3 December 2019 | Print | Disqus
Stage is set for big rally in gold and silver unless various US November jobs numbers beat street expectation by a big margin. U.S. President Donald Trump announced tariffs on metal imports from Brazil and Argentina. USA has threatened to impose new tariffs on trade with the European Union after the World Trade Organization (WTO) ruled that the EU had not complied with an order to halt illegal subsidies to airplane manufacturer Airbus. Europe has been a partner in crime of USA. There are voices with Eurozone political leadership to reduce dependency on USA. NATO and United Nations (UN) are on the verge of getting obsolete. Gold prices will zoom to $2250 and more till a new forum to replace UN and NATO are found.
TURKEY A THORN FOR NATO: (1) U.S. Defence Secretary Mark Esper urged Turkey to stop holding up support for a NATO defence plan for the Baltics and Poland, as Ankara presses the alliance to support its fight against U.S.-backed Kurdish YPG militia in Syria. (2) U.S. lawmakers pressed the Trump administration to impose sanctions on Turkey over its purchase of a Russian missile defence system, saying the failure to do so sends a “terrible signal,”. OUR VIEW: Gold in the long term will get more support from Turkey. Turkey is a thorn in the NATO. It will be very difficult to remove Turkey from NATO. Turkey is also a big supporter and financer of terrorist nation of Pakistan. Turkey is also developing an alliance with Russia, China, Iran and Pakistan as a hedge against NATO and trade sanctions and other moves. Turkey is also the gateway of Africans and Asian migrants to Europe. If Turkey wants, it can unleash migrant army to Europe which will be very difficult to deal. Gold will get a big support from Turkey and its related news over the coming years.
HONGKONG: China has banned U.S. military ships and aircraft from visiting Hong Kong and slapped sanctions on several U.S. non-government organisations for allegedly encouraging anti-government protesters in the city to commit violent acts. The measures were a response to U.S. legislation passed last week supporting the protests It said it had suspended taking requests for U.S. military visits indefinitely, and warned of further action to come. Our View: A trade deal without inclusion of Hongkong will be useless and just on paper. Gold will get supported from Hongkong.
COMEX SILVER MARCH 2020 – current price $1698.30
Bullish over $1700.00 with $1727.00 and $1766.50 as price target
Bearish below $1693.50 with $1676 and $1648 as price target
· Bearish trend in silver will be only if it has a daily close below $1660 for a few days. As long as silver trades over $1660 it can consolidate in $1660-$1647-$1838 wider range.
MCX Silver March 2020: (previous day close/CMP Rs.44730.00)
Small sell off below: 44676
Quick rise over: 44933
- Silver needs to trade over 44506 today to rise to 45227 and 45623.
- Crash or sell off will be there below 44506 to 44165 and 43860.
(prices in Indian rupees above)
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-- Published: Tuesday, 3 December 2019 | E-Mail | Print | Source: GoldSeek.com