COMEX FUTURES REPORT
Traders and investors are reluctant to go long over apprehensions of a quicker than expected interest rate hike by the Federal Reserve. If Trump becomes the US president, then US interest rates projections will be reworked. There will be chopping and churning of US treasury benches. If Clinton wins, there will be policy continuity with monthly jobs numbers dictating the trend. NATO wars, migrants problems and all other bullion positive factors have failed to have any impact so it is better if we ignore the same in the short term.
There is a possibility that gold and silver might have formed a short term bottom. There should be a small spike and there after further moves will be dependent on the ability to break key resistances. Mild weakness in the US dollar has also supported bullion. Jewelry markets in different parts of India have not lived up to the festive hype. There is demand but nowhere near to be called a festival demand. Fear of taxmen has also dented India’s gold jewelry demand.
This post was published at GoldSeek on 18 October 2016.
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