Moves in the currency markets are dictating gold and silver. Technically gold and silver are in a neutral to bullish zone. There is not much news at the moment. Prices moves in gold, silver and currency markets reflect investor short sightedness. Fears that geopolitical risk can rise anytime is preventing investors not to take a medium term stance.
Investors will start taking positions for the New Year and the first quarter of next year. Global economic growth is expected to get a smooth ride till the first quarter of next year. A destabilizing factor will be changes in geopolitical risk. East Asian calm is the one before the Typhoon. Next year central banks will face the dilemma between growth, inflation and interest rate cycles. Bitcoin will be regulated in 2018. I believe that those who are crying over the fate of bitcoin, are themselves heavily invested in bitcoin. In short as compared to this year, it will be a nightmare to trade and invest.
COMEX GOLD DECEMBER 2017 – current price $1283.30
Bullish over $1281.60 with $1289.90 and $1301.10 as price target.
Bearish below $1273.20 with $1265.10 and $1256.90 as price target.
Gold gets another chance to rise to $1307.60 if it manages to trade over $1268.80. Initial resistance is at $1284.80. There will be another wave of rise over $1284.80.
This post was published at GoldSeek on 24 October 2017.
Follow on Twitter
Recent Comments