Gold and silver will see another big crash if the US nonfarm payrolls numbers comes in over 230,000. On the contrary chances of a rise to $1434 will be high if the number comes in below 160,000 and without upward revisions to previous months. September’s FOMC is the last meeting where manipulations can be done to support Hillary Clinton. The only support which the Federal Reserve can do is to prevent the US stock markets from falling. I believe the Federal Reserve may not raise interest rates this month and will give a hawkish view on future interest rate hikes.
Physical demand for gold and silver in Asia should remain on the higher side today. Lots of sell positions are there. If gold and silver rise today then these sell positions will get converted into buys and there will be another bull rally. Gold and silver future investment demand will be dependent on price outlook.
This post was published at GoldSeek on 2 September 2016.
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