Precious Metals Recap – 10/11/2017Posted 10/11/2017 3:30PM CT |
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.