Precious Metals Recap - 11/29/2016

November 29, 2016 9:39AM CST

February Gold closed down 3.2 at 1190.6. This was 8 up from the low and 7.1 off the high.

March Silver finished up 0.00005 at 0.1668, 0.001 off the high and 0.0021 up from the low.

An inside day down in February gold leaves the technical condition in favor of the bear camp. The trade remains concerned with the prospect of a US rate hike, but action in the Dollar this week doesn't seem to confirm a widespread anticipation of a US hike. In other words, the gold and silver trade might be concerned about a hike but prices are generally being supported this week by the action in the Dollar. We also think that noted weakness in industrial commodities like crude oil weighed on gold and silver prices today.

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