This morning, we see Gold drifting back to the low end of our recent trading range, mostly due to a stronger dollar. Gold taking a bid yesterday off the news of the Russian plane shot down by the Turkey Military. This type of news creates a knee jerk reaction to the upside in Gold and unless the situation escalates, the Gold rally is usually short lived.
We expect a quiet trading session today due to the early get away expected by most Wall Street Gold traders looking forward to a four-day holiday. Technical levels of support in the gold market are $1,066 and the $1,050, and nothing to talk about on the upside until we get to the $1,100 level.
Silver retail demand for coins and bars continues to be brisk as the US Mint announces the last allocation date to order Silver Eagles will most likely be the week of December 14th. Silver finding support at $14.00 after breaking that level briefly earlier in the week. Technical levels of support below are $13.85 then $13.68 and $14.48 on the upside.
Both markets still holding on with a bearish sentiment, as the feature story continues to be determining what the FED will do at their meeting in December.
As always at this time of year, we take time out to be thankful for our blessings. Our families, our jobs and our freedom.
Author Name: Walter Pehowich
Walter Pehowich is the executive vice president of precious metals investment services for Dillon Gage with over 38 years of experience in precious metals investment services. His career began in 1977 at Bache (which evolved to Prudential-Bache Securities and then Jefferies Investment Bank). While at Jefferies, he served as senior vice president with oversight of investment grade precious metal products. Pehowich holds a National Futures Association (NFA) Series 3 license, authorizing him to advise and sell alternative investments in commodities and futures markets.