Precious Metals Recap - 11/29/2016

November 29, 2016 3:39PM 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.

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.