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A-Mark Bullion Update

A-Mark-Precious-Metals-IncThe euro rallied to its 200 day moving average at $1.103 yesterday, a level it hadn’t approached since early November, but it didn’t have enough steam to break through the technical barrier. It has since backed off this level and has retreated as market participants turn their attention to the expected Fed rate hike in the US next week. The precious metals are trading lethargically with gold stuck in an unimpressive $7 range today. It has spent this week in a tight $20 range. Sellers have emerged consistently above $1,080 while bids have lifted it back up any time it has broken below $1,070. The falling crude oil price will likely continue to weigh on the precious metals complex so the risk is weighted towards the downside in the near term. Should the $1,070 area decisively break in gold, next support is coming in at $1,050. Silver has steadily sold off over the past four trading days and is looking to attract bids at the $14 handle.

Keep an eye out tomorrow for US Retail Sales and PPI figures at 5:30 AM PST.

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A-Mark Bullion Update

A-Mark-Precious-Metals-IncPlunging commodity prices and the euro backing off from recent highs have weighed on gold so far this week.  A Bloomberg index of 22 weighted commodities has fallen to its lowest level in over 16 years.  Following last week’s OPEC meeting which effectively decided to keep output high for the consortium and highlighted discord between Iran and Saudi Arabia, crude oil has fallen 15%.  It is currently at seven year lows and, as the biggest commodity market by far, has led the broader complex lower.

Gold made a nice short covering rally at the end of last week but it has been unable to distance itself from the overall commodity rout over the last few days.  Rallies approaching the $1,080 level will likely be sold into while support is coming in at $1,050, an area that more or less held on four separate trading days recently.  Silver’s tenor above $14.50 was short lived and it is gravitating back towards major support at $14.

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