RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

December Gold closed up 6.4 at 1293.7. This was 7.5 up from the low and 5.3 off the high.

December Silver finished up 0.00023 at 0.17015, 0.00155 off the high and 0.00035 up from the low.

 

Performance in the gold market was very impressive today especially since the silver market failed to show commensurate bullish action. Some traders have suggested that a dovish incoming US Fed chairman will serve to keep the dollar under pressure at the same time that the number of rate hikes next year will be held down. However the inability to keep the dollar down consistently could catch the gold market overbought especially if the psychologically important $1,300 level becomes difficult to hold above.

Hightower Report