Precious Metals Recap - 10/3/2017

October 3, 2017 3:43PM CDT

December Gold closed down 2 at 1273.8. This was 2.8 up from the low and 3.6 off the high.

December Silver finished down 0.00004 at 0.1665, 0.0004 off the high and 0.0008 up from the low.

 

While December gold forged a fresh lower low for the move and the lowest price print since August 9th, the market was able to reject that probe and trade back into positive territory in a fashion that hints at a temporary low. In fact, a
quasi-reversal in the US dollar could inspire some shorts to bank profits and prompt some bulls to speculate on a bottom. However, the trading range in gold today was a mere $6.40 and there will have to be more evidence of a bottom on the charts and a second day of declines in the dollar to take control away from the bear camp in gold and silver.

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