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Asian Metals Market Update: Sep 22, 2016

Thursday, September 22, 2016 13:26
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(Before It's News)

goldseek.com / By: Chintan Karnani, Insignia Consultants / 22 September 2016

B4INREMOTE-aHR0cDovL3d3dy5nb2xkc2Vlay5jb20vbmV3cy9JbnNpZ25pYUNvbnN1bHRhbnRzL0luc2lnbmlhLlBORw==The reaction of gold and silver to the FOMC statement has been muted. The rise is not as per my expectation. Pace of interest rate hike will be the key and not the actual hike. A December interest rate hike is imminent and has been factored in. Election spending and resulting jobs creation can result in US nonfarm payrolls numbers coming in over 200,000 for the rest of the year. However I believe that US employment generation will see a substantial reduction from next year with big chances of a fullstop on US interest rate hikes.

Gold has to break $1399.40 before or just after the release of the US September nonfarm payrolls which will be released on 7th October. In case gold does not break $1399.40 by 7th October, chances of moving into a bearish phase will be very high. Silver on the other hand just needs to trade over $1960 till 7th October to be in a long term bull zone. This is the technical picture of gold and silver for the next three weeks.

Today’s closing is very important for gold and silver. Gold and silver need a higher close to attract short term investors.

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The post Asian Metals Market Update: Sep 22, 2016 appeared first on Silver For The People.

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