/SI needs to end the week above $17.75 to retest last year's 18.50 high. I'm currently short as this rally is wearing thin despite the strong action. I think it could go higher tomorrow but overall that 17.75 resistance should stand. /GC closing above 1288 tomorrow would give it the push to 1306 but I think the rally is waning there too.
Gold futures settle at 7-week low Gold futures extended their slide on Thursday to a seventh straight session, as overall strength in the U.S. dollar this month and the prospect of higher U.S. interest rates help push prices to their lowest level since early April. June gold fell $3.40, or 0.3%, to settle at $1,220.40 an ounce—marking the lowest session finish since April 4. Month to date, prices have lost roughly 5.5%. Read full article here: http://www.msn.com/en-us/money/markets/gold-futures-settle-at-7-week-low/ar-BBtvR0S
Support was at 1225 which got taken out next one is at 1206 and it came close 1208 then head back up if 1206 get taken out next support is at 1174.
Funds Step Back From Gold Before Yellen Says Rate Rise Is Coming Hedge funds decided to take a breather from gold just before Janet Yellen gave investors more reason to ditch the precious metal. Read full article here: http://bloom.bg/1VoGV8y
Silver has not been bearish. Climbed from around $14 to over $20. Broke $20 today. It is now up quite a bit this year. Either we are in bull mode or bubble mode. Dropped from $50 before so $25 sounds quite possible in the near term
I agree with venom that we will see Silver move higher there seems to be a short squeeze in play also Shanghai futures for silver shot up quite a bit so we could see a move to $23.00.
I wish I had a larger position. I think from now on we stay above $20. Regret not loading up with a larger position under $20
Longer term, I'm looking at 27-30 over the next 3 years. Seeing the short squeeze as well after 1.5 years of consolidation in the 13-18 range.
Gold countered numerous bumps this year, with the year end bringing its beginning of the year rally to an abrupt halt. After soaring 25% to more than two-year highs of $1375/oz in H1 2016, Gold has lost almost 17% in H2,dragged by renewed market optimism following Trump win. A rising USD & Fed's commitment to raise rates definitely does not bode well for gold in the near term. But, 1) The market elation is bound to undergo correction as the focus shifts to Trump policies and their execution. The risk of extreme policies / geopolitical tension is very much alive, which might lend support to gold as a safe haven. 2) A strong dollar and Fed's hawkishness have been eating into gold prices lately, but going forward, its impact on gold could be muted as the markets would have priced in the Fed's rate hikes. Also, as Trump focuses on promoting domestic manufacturing, a rational USD valuation would be required to promote US exports. 3) US debt is already at $20tn currently, at 250% of GDP. Trump's fiscal policy cost would lead to a rise of ~$3-6tn in the next 10 years. High fiscal spending combined with rising wages would lead to higher inflation, which would again be supportive of gold. 4)A possible trade war between the US / China would lead to China building up on its gold reserves, thus supporting gold. Other countries might prefer to reduce their dependence on a dollar payment systems and increase gold reserves in a scenario of increased US sanctions All these reasons shout out Gold as a medium to long term buy. || CityFALCON
Most #Asianmarkets up,investors cautiously optimistic post #POTUS swearing-in. $Gold up too on protectionism concern http://hubs.ly/H05ZWM-0
1st stock pick: NYSE:YUM, the stock has returned 16% since it's 2015 low and 93% since it's inception. 2nd stock pick(s): NYSE: ALB, NYSE:SQM, NYSE:FMC - these stocks have returned 62%, 117% and 67% respectively since 2017. They are the biggest lithium stocks on the NYSE. Future picks: Long term buy rating on Titanium which has returned 100% since 2008, Gold has returned 79% since 1980 and I am long term sell on Iron Ore futures as it has devalued 55% of returns since 2011.
