-- Published: Wednesday, 24 October 2018 | Print | Disqus
Gold and silver need to rise after tomorrow’s European central bank meeting and Friday’s third quarter GDP numbers due to zoom. I am against new short term investment in gold unless it trades over $1245.80 on Friday after the release of US GDP numbers. Long term, gold is still an excellent investment even at the current price of $1235. Asian prices of gold are near an all-time high. Buyers in Asia will wait for some correction if gold hints of a correction.
Trump says he wants a ten percent reduction in tax rates for the American middle class. This will happen only if senate election results are known. Even the slightest indication of this will result in US stock markets zooming and gold crashing as more than expected interest rate hikes will be there next year. But for interest rates all the factors are bullish for gold.
I continue to remain bullish on silver for the long term. I become a laughing stock when I tell my friends and family members to invest in silver. Silver investing needs patience. Silver has to a very small part of the long term portfolio. I prefer to be a laughing stock rather than change my bullish view on silver.
COMEX GOLD DECEMBER 2018 – current price $1235.50
Bullish over $1223.30 with $1233.60 and $1238.10 as price target.
Bearish below $1220.40 with $1217.00 and $1209.40 as price target.
Neutral Zone between: $1220.40-$1223.30
· 100% retracement is at $1245.80. Another wave of rise will be there only over $1245.80.
· Crash will be there if gold does not break $1245.80 by Friday or gold falls below $1233.
MCX GOLD DECEMBER 2018 – previous day close Rs.32064.
· Bearish case: 100% retracement is at 32455. Gold can fall back to 31584 and 31132 by next week in case it does not break 32455.
· Bullish case: A break of 32455 will trigger a rise to 33023 and 33346.
· I am against new investment in gold at current price and will prefer to wait till Monday and then decide.
· Today small sell off will be there below 31991.
· Quick rise will be there over 32166.
(prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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
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-- Published: Wednesday, 24 October 2018 | E-Mail | Print | Source: GoldSeek.com