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Daily Gold Report


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Gold and Silver retreated again on Monday trading down to multi month lows before recovering near the close. December gold lost $9.00 to close at 1275.8, while silver firmed at the close to finish Monday's session at 16.67 down only 2.5 cents. Higher bond yields sent the Dollar soaring while equity futures continue their unrelenting rally. Simply put a higher dollar coupled with soaring equities usually puts downward pressure on metals.It was a very somber mood among U.S. traders and investors Monday. A shooting spree in Las Vegas late Sunday that left over 50 people dead and over 500 wounded and was the worst shooting spree in modern U.S. history. The attack is not believed to be a terrorist event and in my view did not impact the markets. Recent upbeat economic data has pushed the Dollar higher as the market pricing another rate hike this calendar year. Gold almost traded down to its 100 day moving average at 1273.4 missing it by a few ticks, while silver continues to trade below the 50, 100, and 200 day moving averages. I anticipate that gold and silver may see some bottoming action and short covering into the non-farm payroll number on Friday due to the enormity of that report. Even though things remain somewhat quieter with North Korea in the interim, the war of words between both leaders continued this weekend. I don't think this situation will just go away with the likely scenario of another missile test by the rogue nation coming soon. If that happens, look for some safe haven buying in both gold and silver.

Technical's for the remainder of the week come in as follows. Support for December gold comes in first at 1270.7 and with a close under 1257.0 is the next level of support. Resistance is up at 1293.9, and above there at 1307.4. For December silver, support is down at 1645.5. A close below here and the market could trade down to 1623.5. Resistance is up at 1687.5, and with a close above 1709.5.

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About the author


Sean Lusk is a registered commodity broker and Director of the Commercial Hedging Division of Walsh Trading in Chicago. Sean began in the business as a runner on the trading floor during summer breaks from college in 1993. Upon his graduation from Southern Illinois University at Carbondale in 1996, Sean began his career on the trading floor of the Chicago Mercantile Exchange (CME). Overseeing billions of dollars of transactions working as a clerk in the Eurodollar pit, Sean took the next step and became a floor broker and member of the CME in 2003. He handled customer orders for banks and investment houses from all over the world from inside the Libor pit at the CME.

Now, at Walsh Trading, Sean utilizes his experience in the marketplace and his professional client service skills to aid and assist customers in their trading endeavors.  

He writes daily and weekly commentaries focusing on both the Precious Metals and Agricultural Markets along with related market activity.

Sean has been quoted in various media outlets discussing futures markets. 

These include:

 

  • Futures Magazine
  • Reuters
  • Forbes
  • Kitco
  • Nikkei Press
  • CCTV.com

 

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