Factors which can affect markets
I will once take a close look at the Syrian conflict. NATO has recently shot down a Syrian fighter jet and an Iranian drone. These will only escalate tensions between NATO and Russian allies. Syrian forces are gaining ground despite NATO sending its own terrorists. The deterioration of relations between European Union and Turkey will also have an impact on the whole of Middle East and North Africa region. Germany is forced to shift its airbase in Turkey. An anti EU turkey will only escalate the tensions in and around the Persian Gulf and Red Sea zone. Gold demand in Eastern Europe could zoom as a result.
Technically the correction in gold, silver and copper is over. Gold can rise to $1296 as long as it trades over $1227-$1237 zone. Silver needs to trade over $1609 till early August to continue its medium term bullish zone. Copper can rise to $296-$312 zone by end August as long as it trades over $242-$247 zone. Crude oil should form a long term bottom anytime between now and 4th July.
This post was published at GoldSeek on 22 June 2017.
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