Winter storm Juno paralyzed New York but even with many banks and funds not making it to the office today in the Big Apple, the precious metals still managed to show signs of life and all four are up on the day. US equities were down sharply today due to disappointing earnings from bellwether companies like Microsoft and Caterpillar while US Durable Good Orders had a sharp drop. The Dow was down 350 points during its session before ultimately rallying off the lows and closing above its 100 day moving average.
Equity weakness combined with a euro that surged 1.25% allowed gold and silver to make solid gains today. Gold rallied to psychological resistance at $1,300 before selling off later in its session. Prior to today, silver had tested its 100 day moving average four days in a row but was unable to achieve a close above it. This is now becoming increasingly important resistance and there should be sizable spec positioning around it.
Keep an eye out for the Fed rate decision at 11 AM PST tomorrow.