Lack of news resulted in gold and silver correcting yesterday which if it continues today will result in a mild sell off. Indian demand and Asian demand will be the key for gold and silver. Investment demand for gold and silver is expected to remain firm as long as they trade over $1258 and $1737.
US economic data releases point to steady growth. Japan and other nations in Asia are also showing signs of a sustained economic recovery. Gold and silver will fall if and when economics take over Europe election risk and geopolitics risk. However sharp corrections should be used to invest for the medium term to long term in gold and silver. Expansion in industrial uses of silver will ensure that silver moves into deficit by next year.
Copper and other industrial metals will dictated by Chinese demand pickup. Crude oil will consolidate in wider range.
COMEX GOLD JUNE 2017 – current price $1281.00
Bullish over $1292.10 with $1297.80-$1304.70 and $1314.10 as price target
Bearish below $1278.70 with $1272.10-$1259.50 as price target.
This post was published at GoldSeek on 20 April 2017.
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