Precious Metals Recap - 10/11/2017

October 11, 2017 3:30PM CDT

December Gold closed up 1.4 at 1295.2. This was 8.4 up from the low and 0.7 off the high.

December Silver finished up 0.00023 at 0.1723, 0.00035 off the high and 0.00145 up from the low.

 

The action in the gold and silver trade today has to be very discouraging to the bull camp as obviously supportive demand stories, further weakness in the dollar and a possible pushing back of US rate hike timing should have resulted in a direct upside extension of the rally off the October lows. Another issue that failed to lift gold prices were surfacing stories regarding improve physical demand ahead from India's festival season. In retrospect, the gold market was probably short-term overbought from the three day low to high rally of $33, with the silver market overdone from its three day low to high rally of $0.98 an ounce.

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.