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Daily Gold Report


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Gold and silver futures are retreating in aftermarket trading on Monday after posting three week highs at the end of last week. Geo-political tensions were cited as one of the reasons for both silver an gold to trade up and through their 50 , 100, and 200 day moving averages on Friday October 13th. Gold settled on Friday at 1304.6, but posted a slightly lower close at 1303.0 today. Silver settled 1741.1 on Friday but also posted a lower close at 1736.5. However there has been some long liquidation in the market that has sunk gold below 1300.0, to the 1295 level, while silver sits at 17.19 as of this post. Trader psychology since the job report on Friday Oct 6th has continually priced a move lower in the dollar and has subsequently bought metals as a reflation hedge. Also helping metals bulls were positive economic data readings from China that shows their economy expanding in the second half of this year as their latest PPI readings bested expectations. This has aided copper prices and the energy sector as the Chinese economic data hinted that then data would spill over globally, igniting inflation. Aside from all of this there continues to be some small tremors in the market regarding geopolitical worries over North Korea, and the Trump administrations threats to breakup the Iran Nuclear deal. Geopolitical uncertainty continues to reign all over the globe and therefore the precious metals and energy sectors the recent beneficiaries.

Long positions continue to reenter the metals sector on this push. As of late last week, longs in gold total 270 K contracts, while in silver it pushes upwards of 75 K contracts in my view. The dollar the last few sessions looks like it has forged a near term bottom but will need to hold last weeks lows to hold the formation intact. If the Dollar can sustain a rally it would look to pressure gold and silver in the near term. Technical's for the remainder of the week come in as follows. For December gold, support is down first at 1285.0. A close under and 1267 is next. Resistance sits at 1313.7. A close over here for the week and the market trades up to 1324.4. For December silver, support is down at 1696.6. a close under and 1652.3 is next. Resistance is 1765.1. A close over here and 1789.3 in the next level to the upside.

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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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