-- Published: Monday, 9 December 2019 | Print | Disqus
Look at US economy in totality and not just the job creation. Job creation has to be supported by other factors like consumer spending, confidence among other factors. Christmas and early January is a global cyclical period of high consumption and hence higher jobs. US job market and global jobs market on or from February of next year will be the key. December-January trend in global jobs market can be mis-leading. Those who are looking at jobs market trend and investing for next year need to be careful.
Chinese New Year is towards the end of January. I am hopeful that Chinese gold physical demand will be near record highs. If spot gold price remains below $1430 around end January then Chinese gold demand will zoom. Potential Chinese gold demand around the Chinese New year will prevent gold prices from attack bearish factors like trade deal, US jobs creation and sustained rise in US bond yields among other factors. Slowdown in central bank gold demand will be only temporary.
Momentum is down for gold and silver. There are a few events this week which can still support gold and silver bulls.
1. FOMC meet.
2. UK elections.
3. US-China trade deal deadline.
4. US economic data released need to support the nonfarm payrolls.
5. Impeachment related news of Trump.
COMEX SILVER MARCH 2020 – current price $1658.70
· Crash will be there if silver trades below $1645-$1650 zone today to $1633 and $1603.
· Silver needs to trade over $1665-$1670 zone to rise to $1700 and $1737.
MCX Crude oil 18th December 2019: (previous day close/CMP Rs.4206.00)
· Key long term resistance is at 4322. A break of 4322 will result in 4555.
· Overall trend is bullish as long as copper trades over 4059.
(prices in Indian rupees above. The above is a part of the mcx weekly technical report).
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NOTES TO THE ABOVE REPORT
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-- Published: Monday, 9 December 2019 | E-Mail | Print | Source: GoldSeek.com