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Daily Gold Report


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Gold and silver markets today traded slightly lower for the session as the market awaited the 1 pm FOMC minutes announcement. December gold settled 1288.9 down $4.90 while silver settled at 17.13 down 3.5 cents.The minutes from the latest FOMC meeting saw members generally agreeing that a quarter point December interest rate hike is in the cards. There was not any wording on inflation or the U.S. labor market that in my view is the most market sensitive.The U.S. stock and bond markets did not see significant price moves after the FOMC minutes release, either.U.S. stock indexes are at or near record highs this week. Japans Nikkei stock index hit a 21-year high Wednesday. While gold had seen some safe-haven demand earlier this week, amid geopolitical tensions that include the U.S.-North Korea stand-off and a region of Spain wanting to secede, the world stock markets are so far not exhibiting much risk aversion. The dollar though continues to grind lower finishing in the red for the fourth straight session. If the greenback's downtrend remains intact, it should provide gold and silver a bid into the weekend and into next week.

My technical levels come in as follows for the remainder of this week. For December gold, near term support sits at 1285.6. A close under and the 100 day is next at 1279.4 and then the weekly pivot number at 1274.2. Resistance is up at 1296.4, then the 50 day at 1299.6. A close over the 50 day moving average and the next level to the upside is 1317.1. For December silver, a key level to watch sits at the 50 and 200 day moving averages at 17.14 and 17.135 respectively. This is where we closed today. A close below and the 100 day sits at 16.90. A close under 16.90 and 1668.5 is the next support level for the remainder of the week. Resistance is up at 17.26 and then up at 17.44.

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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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