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Diwali Gold Silver Tips 08 November 2018 By Neal Bhai (Gold Silver Target 2000 Points)

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Diwali Gold Silver Tips 08 November 2018 By Neal Bhai (Gold Silver Target 2000 Points)

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In global markets, gold prices however advanced as US mid-term elections delivered a split Congress and pressured the dollar. Market participants will now keep a close eye on a two-day Fed meeting starting later in the day for clues on future interest rate hikes. Spot gold was up 0.5% to $1,232.86 per ounce at 1203 GMT, while US gold futures climbed 0.7% to $1,234.30 an ounce.

The dollar index, which measures the price of greenback against a basket of other currencies, fell more than half a percent, making bullion more attractive for holders of other currencies

Democrats won control of the US House of Representatives, giving them the opportunity to block President Donald Trump’s push for a further round of tax cuts and deregulation – measures that have turbo-charged the US economy, stock markets and the dollar, and have kept the Fed on a policy-tightening path.

“This will presumably put paid to any further tax cuts, which means in the longer term that the Fed will need to implement fewer rate hikes, which per se will have a negative impact on the U.S. dollar,” Commerzbank analysts said in a note.

“President Trump may instead focus more on foreign policy, which is likely to generate additional uncertainty. Gold would profit long-term from both factors.”

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Spot Gold Weekly Technical Outlook – 29-Oct-2018

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Technical Outlook – Technical Outlook: In our last Gold Weekly Technical Outlook, we continued to highlight a critical resistance confluence at $1238/1243, “a region defined by the 38.2% retracement of the yearly range, the 100% extension of the advance off the August low, the December swing low and the long 200-week moving average.” Price is testing this zone now and a weekly close above is needed to keep the immediate long-bias viable.

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