The FOMC meeting held on Thursday where policymakers said that economic condition remains to be strong and most interestingly suggested more gradual increases in the interest rates. This helps the dollar to be more strengthen whereas we also witnessed the lower crude oil prices and as a result, PMs plunged in a significant manner,
Please note-wall street has also changed its near-term outlook on gold prices and now they are predicting it to fall sharply in upcoming weeks or months,
we believe The likelihood that the Federal Reserve will raise rates in December is now high and as a consequence we could see a very sharp downward move in gold and silver prices,However there are numerous factors contributing to our analysis which suggest that in mid and long-term precious metal sector may dip in a significant manner but we will discuss them some other day
QUICK NOTE-This post is a quick notification to let you know that today's quite share move lower in PMs helped us to pull out our short-term position in gold -1.19% and silver 0.49% ,In other words, take profit hit for gold -1.19% and silver 0.49% in short term position- we notice that the price presses negatively on this level to support the chances of extending the bearish wave on the intraday and short term basis, as our next SHORT TERM target is located at 1200.00
our previous comment
The midterm election has been already ended which resulted in the
Democrats now controlling the house of representative, at least they got the needed majority so now they would be able to control the House of representatives,
but what about gold -1.22% and silver? let's come to the point
following the election the dow jones broke 26000 point, The S&P -0.95% had made a quite good rally while the NASDAQ was the best performer among made a net gain of about 163-167 points(approx). The US DOLLAR 0.27% had also made significant upward rally since the election has ended sitting over 96.50. The entire precious metals market is benefiting from dollar strength today but it's still holding onto respectable levels
our technical analysis suggests that the gold -1.22% has its weak support at 1221.70 where the 100-day moving average stands and $1218 which is the 0.618% retracement-however we believe these levels are very weak and once gold -1.22% will break below these level a free fall in gold -1.22% and silver 0.49% will follow- Gold -1.22% price settles below the EMA50, to keep the bearish trend suggested on the intraday basis, waiting to visit 1208.40 level as our short-term next main target
Please note-wall street has also changed its near-term outlook on gold prices and now they are predicting it to fall sharply in upcoming weeks or months,
we believe The likelihood that the Federal Reserve will raise rates in December is now high and as a consequence we could see a very sharp downward move in gold and silver prices,However there are numerous factors contributing to our analysis which suggest that in mid and long-term precious metal sector may dip in a significant manner but we will discuss them some other day
QUICK NOTE-This post is a quick notification to let you know that today's quite share move lower in PMs helped us to pull out our short-term position in gold -1.19% and silver 0.49% ,In other words, take profit hit for gold -1.19% and silver 0.49% in short term position- we notice that the price presses negatively on this level to support the chances of extending the bearish wave on the intraday and short term basis, as our next SHORT TERM target is located at 1200.00
our previous comment
The midterm election has been already ended which resulted in the
Democrats now controlling the house of representative, at least they got the needed majority so now they would be able to control the House of representatives,
but what about gold -1.22% and silver? let's come to the point
following the election the dow jones broke 26000 point, The S&P -0.95% had made a quite good rally while the NASDAQ was the best performer among made a net gain of about 163-167 points(approx). The US DOLLAR 0.27% had also made significant upward rally since the election has ended sitting over 96.50. The entire precious metals market is benefiting from dollar strength today but it's still holding onto respectable levels
our technical analysis suggests that the gold -1.22% has its weak support at 1221.70 where the 100-day moving average stands and $1218 which is the 0.618% retracement-however we believe these levels are very weak and once gold -1.22% will break below these level a free fall in gold -1.22% and silver 0.49% will follow- Gold -1.22% price settles below the EMA50, to keep the bearish trend suggested on the intraday basis, waiting to visit 1208.40 level as our short-term next main target
