Aggressive gold reserve increase by eastern European nations along with expectation of an interest rate hike (in December) by the Bank of Japan resulted in a very sharp rise in gold and silver in Asia. Firmness in copper should be construed as a bullish behaviour. In my view there will be buyers on significant crash as long as CME copper March trades over $402-$405 zone with $421 needed to attract a short covering rally.
A few pointers for December and next year.
· Central banks will continue to increase gold reserves at the fastest pace with USA under presidency of Donald Trump.
· Trade War or Trade Protection by Trump will ensure increased usage of non-US dollar currency for bilateral trade and multilateral trade. US dollar will not be dethroned but its dislike will increase in global trade.
· Gold and silver both are finding new industrial uses. Industrial demand will ensure that overall bullish trend continues into next year too.
· Short term hot money is right now in crypto currencies. The is one the reason why copper price is subdued despite positive fundamentals. Gold price will remain unaffected by continued investment demand in bitcoin and crypto currencies.
US economic data releases should show higher growth to cause another sell off in gold and silver. Bullish technical suggests that traders will prefer to be long for the weekend than short. On a personal level, I will prefer not to leave any open position in silver for next week. (I trade only in silver among precious metals.)
PLATINUM JANUARY 2025 – current price $945.30
· 7 DAY VIEW: Platinum January 2025, can rise to $986.10, $1013.10 by next week as long as it trades over $918.00.
· A daily close below $918.00 for three consecutive trading sessions (excluding today) is needed for another big crash.
· Platinum will also crash if it does not break $962.00 initial key resistance in the next three trading sessions.)
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
1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow us on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
7. ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
8. TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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