Over the past two trading days, gold has traded in an unremarkable $9 range. A part of this dull trading activity may have been attributed to the Rosh Hashanah holiday, but it is predominantly due to market participants trimming positions ahead of the FOMC on Thursday. Volume of the December Comex gold contract for each of the last two days sat at just over 74,000 contracts, easily the smallest volume days since it became the actively traded contract at the end of July. The stock market surging today also did not encourage participants to flock towards the yellow metal.
Silver has rolled slowly over and has now had three down days in a row. A double bottom at $14.30 is providing mild support but much larger support awaits at $14, the low from a few weeks ago and also a seven year low. Platinum continues to look heavy but is so far treading water ahead of $950. Should this break, $900 is the next projected target.
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