-- Published: Friday, 8 September 2017 | Print | Disqus
Energies will crash if hurricane Irma turns out to be a damn squib. The Korea situation and the European central bank and crypto currencies legal issues are ensuring that the bullish trend in gold and silver continue. Japanese GDP expanded less than expected and should prevent big gains for the Yen in the medium term. In the short term it will be a momentum play for the currency markets.
Traders will now start taking positions for the Federal Reserve meeting on 20th of September. All incoming US economic data releases will not get a real picture of the economy due to hurricane related short term effect. I am not going to focus on the US economy for the rest of the month and will prefer to switch focus to other issues facing global financial markets. Long term investment of every sector need not be reviewed right now. Momentum traders need to be extra cautious.
COMEX SILVER DECEMBER 2017 – current price $1823.30
Bullish over $1806.30 with $1833.90 and $1861.90 as price target
Bearish below $1791.10 with $1777.60 and $1755.80 as price target
Neutral Zone between: $1791.10-1806.30
· There will be a technical breakout over $1831 to $1900.60.
· Silver needs to trade over $1790-$1807 zone to continue to be in a bullish zone.
MCX SILVER DECEMBER 2017 – previous day close Rs.41617.
Silver can rise to 42429 and 43361 as long as it trades over the 41006-41238 zone. Initial resistance is at 41991. There will be a long term technical breakout over 41991. In the event of a correction, price falls up to 40800 are a part and parcel of a long term bull rally. (prices in Indian Rupees above).
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific 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: Friday, 8 September 2017 | E-Mail | Print | Source: GoldSeek.com