Just trade in the technical. Ignore the US presidential debate. Current US president Obama last few days antics won him a second term. So November trend will be the decider. People love politicians mudslinging each other in elections and that is what the media is feeding them. Physical gold and silver demand all over the world should zoom. Technically silver has a triple bottom at $17.10. Silver can rise to $2007 and $2276 in the short term if it manages to trade over $17.10 on daily closing basis. Gold needs to trade over $1233 for the rest of the month for another assault at $1341.
Cable plunged last week. A lot of people’s dreams evaporated last week as they lost money in cable longs. I have always considered cable as a widow maker. Trading in cable, nickel and silver are very dangerous. One makes small profits in them but loses his capital and even more than capital and sometimes his life on even one bad trade in a year. Bottom fishing never works, but with every fall in cable the risk to return ratio moves towards in favor of buyers. Technically the cable needs to trade over 1.2247 against the US dollar to continue its bullish run.
This post was published at GoldSeek on 10 October 2016.
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