Oh Gold how many chances would you give them?
At the moment of publishing this report gold is trading at $1509 per ounce and silver is trading at $18 per ounce. Gold prices have surged more than $20 since our last Wednesday analysis however silver gains were almost negligible during this period. In this research report, we have tried to gather our counter views in order to make our report more informative and factual which ultimately helps us to make informed decisions.
Our view: Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1525 however it seems it won't manifest any time soon, we understand the role of technical analysis however we are also aware it's a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one's trying to forecast the gold and silver prices. we believe that gold is unlikely to make any significant moves unless there is a big geopolitical spark. Current trading conditions "provide a stronger floor," and investors could choose to wait and see what the data has to say. Gold could end up just sitting around the $1,500 level for next week. "We are in this mushy middle. There is not enough to propel gold in one direction or another and it will probably just trend sideways. Going forward, gold will be lacking one crucial aspect of support — "a lesser likelihood of rate cuts. Gold will probably struggle to make gains. It could be well into next year before we see another rate cut. "We do not see a big surge of buying unless we get some developments on the political scene. We have a number of potentially supportive factors from the ongoing impeachment saga through to the U.S.-China trade war, which doesn't seem to be abating anytime soon.
Counterview: Gold is keeping its head above the key $1,500 an ounce level despite the Federal Reserve's signal to pause its rate cuts, backed by stronger U.S. economic data. For gold, this could mean the metal is ready for the next spark, according to analysts. The precious metal's price action has been somewhat surprising this week with gold managing to trade well above $1,500 an ounce as Fed proceeded with its widely expected "hawkish cut."On top of that, the gold market received better-than-expected U.S. GDP data of 1.9% in Q3 and surprisingly strong employment data of 128,000 new jobs added in October. When asked about year-end ranges, analysts answered with quite optimistic outlooks, with TD Securities seeing the gold end the year at $1,525 and Mitsubishi highlighting a broader range of $1,500-$1,550. "For that to happen, we'll need continuing of support of geopolitical factors and some feeling that we might get rate cuts," added Butler.
Our view: Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1525 however it seems it won't manifest any time soon, we understand the role of technical analysis however we are also aware it's a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one's trying to forecast the gold and silver prices. we believe that gold is unlikely to make any significant moves unless there is a big geopolitical spark. Current trading conditions "provide a stronger floor," and investors could choose to wait and see what the data has to say. Gold could end up just sitting around the $1,500 level for next week. "We are in this mushy middle. There is not enough to propel gold in one direction or another and it will probably just trend sideways. Going forward, gold will be lacking one crucial aspect of support — "a lesser likelihood of rate cuts. Gold will probably struggle to make gains. It could be well into next year before we see another rate cut. "We do not see a big surge of buying unless we get some developments on the political scene. We have a number of potentially supportive factors from the ongoing impeachment saga through to the U.S.-China trade war, which doesn't seem to be abating anytime soon.
Counterview: Gold is keeping its head above the key $1,500 an ounce level despite the Federal Reserve's signal to pause its rate cuts, backed by stronger U.S. economic data. For gold, this could mean the metal is ready for the next spark, according to analysts. The precious metal's price action has been somewhat surprising this week with gold managing to trade well above $1,500 an ounce as Fed proceeded with its widely expected "hawkish cut."On top of that, the gold market received better-than-expected U.S. GDP data of 1.9% in Q3 and surprisingly strong employment data of 128,000 new jobs added in October. When asked about year-end ranges, analysts answered with quite optimistic outlooks, with TD Securities seeing the gold end the year at $1,525 and Mitsubishi highlighting a broader range of $1,500-$1,550. "For that to happen, we'll need continuing of support of geopolitical factors and some feeling that we might get rate cuts," added Butler.
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