Chinese equities made headlines yet again overnight with the Shanghai composite index selling off by more than 6%. The commodity space as a whole was dragged lower and copper and crude made six year lows. Gold managed to hold on surprisingly well given the broader pain commodities were feeling. Gold was trending lower heading into the NY trading day but found bids to lift it back near session highs immediately following the PM fix. It’s been a quiet week of consolidation for the yellow metal with resistance at $1,130 and support coming in right above $1,100. Silver demonstrated its base metal trading properties by selling off with copper by more than 3% today. After ultimately failing to maintain a sustained move above $15.50 for three days in a row, it looks like silver will test lower to $14.50.
Keep any eye out for the FOMC minutes tomorrow at 11 AM PST.