Prices of yellow metal are already at the highest in over six years and it is expected to touch $1600 an ounce soon the way prices have gained drastically in recent few weeks.
Gold remained bullish amid political unrest in Hong Kong and on-going US–Sino trade spat. Gold continued to attract buying, shined to fresh 6-Year high of $1529.15/oz on serious of positive and safe haven factors.
Likelihood of further rate cut by the US Fed, devaluation of Yuan by China, falling global Bond yields and stock markets along with recent Hong kong Chaos have been fuelling the prices of gold and silver.
Gold Key Trend Reversal Point for setting multi-week downtrend is 36600 and Silvers’ is 41370. Key Trend Reversal point for Setting short-term correction is 37520(Gold) and 42550(Silver). No short unless these levels are breached. Comex Gold(1500)/Silver(16.78)