Asian Metals Market Update for 12th September

September 12, 2024

WHAT NEXT AFTER CPI AND TILL THE FEDERAL RESERVE MEETING ON 18TH SEPTEMBER (19TH SEPTEMBER FOR INDIA AND ASIA).

Technical is bullish for gold, silver, copper, base metals, and natural gas.
Crude oil is oversold.
Fence sitters or sit-on cash traders are hoping for a 0.50% interest rate cut.
Pace of interest rate cut in November and December federal reserve meeting will be the next big “X factor” to drive all asset classes and not just metal prices.
Quarter-end position squaring and rebuilding will start to increase after the Federal Reserve meeting on or from 19th September.
Last but not least any abrupt sell-off (if any) in the US stock markets will cause a rumble-tumble in the short-term trend of all asset classes except bonds.

The result of the US presidential election result in November

will not have any impact on decisions made by the Federal Reserve. Geopolitical decisions will change but not significantly. There is a cabal that runs the world in which the mask is the US president with the mass population as its puppet. Geopolitical changes (which have had zero impact on global financial markets in the last twenty-five years) will start to play a major role in short-term and long-term trends of all asset classes. East Asia and South East Asia can change the long-term for any asset class. Kamala Harris or Trump either way will try to destabilize this peaceful region. Vietnam War scars and the subsequent lessons have been learnt by East Asia nations. They are better prepared to deal with the upcoming massive meddling by the USA and its cabal ruling group.

Theoretically, any asset class moves in a long-term bearish trend if it falls by more than twenty percent and trades below the twenty percent lows for a very long period of time. The chance of gold price falling to $2100 and below and that for a few weeks to a few months (in the next sixty months) is zero as of date.

There will be blips of sharp one-way price moves followed by a large period of consolidation in the next seven days.

COMEX GOLD DECEMBER 2024 – current price $2544.40.

Key support: $2510.10 AND $2532.60
Key weekly resistance: $2555.60 and $2586.20
Gold December needs to trade over $2532.00 to rise to $2586.70 and more.
A daily close below $2532.00 is needed for a minimum of three consecutive trading sessions for a very short-term bearish trend.
$2470-$2570 trading range will be broken and a new range will be formed in gold December in the next seven trading sessions.
Caught on the wrong side of the price move, capital erosion and nothing else will be there.

Disclaimer

The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT