Diwali greetings to all
The inability of gold and silver to trade over $1311 and $1750 is not a very positive sign in the short term. If by Friday gold and silver are unable to break and trade over $1311 and $1750 on a daily closing basis, then short sellers could dictate prices. Incoming US economic data releases suggest a firm and sustained US economy at least till the first quarter of next year.
In the short term gold and silver will always fall whenever focus shifts to economics. Gold and silver are in the short term just supported by continued geopolitical risk and demographic changes caused by geopolitical events. People’s movement, forced national boundary changes among other events take time to materialize. Corrections in gold and silver are a part and parcel of a long term bull rally.
This post was published at GoldSeek on 17 October 2017.
Follow on Twitter
Recent Comments