“Spoofed” is the word that I will use for the sell-off in gold, silver, and copper. The “Margin of Victory” of US President-elect Donald Trump caught everyone by surprise. I will still call the recent sell-off as just a correction and nothing else in gold and silver.
WHAT I WILL BE LOOKING AT TRUMP IN THE NEXT FIFTEEN MONTHS.
- Ukraine War Developments.
- Middle East Developments.
- Relation between Trump and Federal Reserve chief Powell.
- Trade relations with China.
- The pace of interest rate cuts.
- Gold/Crude oil ratio.
- Trump's camp has again been aggressively supported by Elon Musk and Tesla. I expect global electric vehicle adoption to reach the moon in the next four years. Overall copper, aluminum, and silver should be the best performers in the next four years.
- Protectionism will be needed to support manufacturers in America. Gold always rises on trade war or trade protectionism.
US President-elect Donald Trump will take oath on 20th January 2025. The next seventy-five days will be a transition period. Let Trump be sworn in as US president.
100% retracement supports
- Spot gold: $2638.20
- Spot Silver: $30.12
- Copper: $9219.50
- Comex gold December: $2618.80
- Comex silver December: $3003-$3034 zone
- Comex copper December: $419.50
One needs to keep a close watch on the above-mentioned prices.
- The number of days spot gold trades below $2690 is important and not yesterday’s fall.
- The number of days spot silver trades below $31.50 is important and not yesterday’s crash.
The pace of the rise of gold prices can slow down a bit. Gold price may not rise over twenty percent every year. Change in the presidency of the USA will not alter the bullish trend in gold prices. The current correction and future crashes should be used to start making new investments in gold. However, I cannot predict the near-bottom price of gold.
COMEX GOLD DECEMBER 2024 - Intraday View
- TODAY: Gold December has to trade over $2627.00 today, tomorrow, and next week to be in a short-term bullish zone and rise to $2725.30 and more.
- Crash or knockdown will be there if gold December trades below $2627.00.
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
- ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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- PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
- PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
- THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
- ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
- ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
- TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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