Home InfoVault Market Reports Precious Metals Open On The Defensive - Market Report For 10-20-2014 - ModernCoinMart (MCM)

Precious Metals Open on the Defensive - Market Report for 10-20-2014 - ModernCoinMart (MCM)

Precious Metals Open on the Defensive - Market Report for 10-20-2014 - ModernCoinMart (MCM)
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Posted: 10-20-2014 01:43:00 PM

Precious metals opened the trading week yesterday via the electronic trading platform on the defensive as the first move was lower.

Precious metals opened the trading week yesterday via the electronic trading platform on the defensive as the first move was lower. This was followed by physical demand throughout the Asian morning as all four precious metals turned positive where they stayed through the balance of their Monday. Gold took a run at $1,250.00 in London this morning, but so far the resistance band has held and early U.S. trading sees gold looking for direction as it drifts around $1,245.00.

U.S. equities are poised to open lower but most of this 100-point drop is on the back of I.B.M. which reported a dreadful third quarter and is down over 8.00 percent in the pre-market. Bonds and crude oil are heading for a quiet open and are unlikely to have an impact on precious metals which may account for the light volume we are seeing, especially for a Monday. The week begins with gold support at the 10-day moving average at $1,231.00 while resistance stands at the 50-day average at $1,249.50. Gold moves to the downside and is likely to be well supported by physical demand through $1,215.00 while a break above the 50-day average sets us up for a test of the 100-day moving average at $1,274.50.

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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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