All over the internet I have been reading that a higher trajectory of US interest rates will drag down gold. I believe that the long term gold price is more about the global political situation and not pure economics. The US induced trade war and its domestic protectionism will ensure that gold/crypto currencies backed by gold, replaces the US dollar as the medium of exchange between central bankers. The pace of rise of gold can be slow. There can be periods of bearishness. But in the end gold prices will recover and rise. Those who are looking at gold for a quick buck like stocks should completely shun gold. Gold is a hedge. A hedge against the declining purchasing power of the paper currencies and electronic currencies. Ask yourself what happens if you someday, all the servers are down in your city, there is no internet and you need to buy groceries or meet some medical exigency? Government wants us to move into cashless form of society. State will have control over your money and not slave. Cashless society equals twenty first century state slavery and nothing else. Gold is the only form to prevent us from being a slave of the state. Invest in physical gold and nothing else.
Economics & Trump trade wars
Big global data is from 5th September. Traders will take positions for next week as the day progresses. Crude oil is bullish. Copper and industrial metals are also bullish. Progress of trade talks between USA-Canada and EU-UK on brexit are all bullish news for the UK pound and industrial metals. An Indonesia-Australia trade deal can be done anytime soon. Bilateral trade deals are positive for the global economy. The worst could be over for emerging markets like Indonesia and others.
COMEX GOLD DECEMBER 2018 - current price $1211.50
Bullish over $1203.60 with $1220.60 and $1233.30 as price target.
Bearish below $1198.10 with $1194.90 and $1189.60 as price target.
? Gold needs to trade over $1200-$1203 zone till Monday to rise to $1233.
? Crash or sell off will be there only below $1200.
MCX Crude oil September - previous day close Rs.4926.
? Crude oil can rise to 4995 and 5065 as long as it trade over 4856.
? Previous triple top at 4856 is now the key support.
(prices are in Indian rupees above)
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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