Asian Metals Market Update for 16th September 2024

September 16, 2024

Post FOMC and interest rate cuts by key central banks for precious metals and base metals

FOMO or “Fear of missing out” has returned to gold and silver and even industrial metals and even energies.
All asset classes (except bonds) are now getting short term hot money on hopes of a sinking in interest rates worldwide.
US economic data releases for the month of september (which will be releases in October) month needs to come in stronger for a sell off or a bearish trend in gold and silver and even base metals.
Federal Reserve meeting will not have any significant impact unless interest rates are cut by 0.50% this week.

The pace of the rise of gold silver and copper will need a close watch and not the actual rise. Traders have started making bets for $3000 and more in spot gold by Christmas. If spot gold rises to $3000 then spot silver will be near $50.00 and more by Christmas.

Gold should not rise to $100 every week (on a weekly closing basis) continuously for a long time. If spot gold rises to $2850.00 or more in the next thirty days, then the chance of a big crash will be equally high.

UK and NATO allies may allow Ukraine to use long-range weapons supplied by them. (500 kilometers or more for air-launched missiles). If this happens then the nuclear war chance will be very high between Russia and Ukraine/NATO. Keep track of this news. Gold will continue to rise and defy all negative news if there is even slight news of the use long long-range missiles between Ukraine and Russia.

Trump’s renewed failed assassination attempt will not have any impact on the trend of precious metals, base metals, and even US stock futures.

COMEX SILVER DECEMBER 2024 – current price $3135.50.

Key weekly support: $2904.90, $2952.60, $3011.80 and $3078.00
Key weekly resistance: $3183.90, $3232.70, $3318.40 and $3526.80
Silver December needs to trade over $2904.00 this week to rise to $3526.80, and more.
Crash or sell off will be there if silver December does not break $3232.70 by 24th september close.
A daily close over $3100.00 for four consecutive trading sessions will start another wave of rise to $3526.80 and more in the short term.

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