The markets were a sea of red today with equities and commodities alike succumbing to liquidation pressure. Gold is at five week lows but managed to tread water above initial support at $1,170. Improving economic conditions in Europe combined with anxiety over US nonfarm payrolls tomorrow had market participants trimming positions today. The IMF urged the Federal Open Market Committee to hold off raising interest rates until the first half of 2016. This should have been positive for gold but even this headline didn’t help lift gold much of the lows of the session.
Silver, per usual, had the most drastic downward move of the precious metals and finished down on the day 2.50%. Trendline as well as psychological support is coming in at $16 but it doesn’t seem like this level will hold in the near term. Platinum closed under $1,100 and is a mere $10 away from the low of the year at $1,188. Besides during March of this year, platinum hasn’t been this low since July of 2009.