The precious metals aren’t doing much as market participants already seem to be checked out with attention focused on the holidays. At time of writing, volume on the Comex exchange for gold is at a paltry 65,000 contracts and the yellow metal has traded in an unimpressive $7 range today. There was a brief moment of activity at 5:30 AM PST when data revealed that third quarter GDP in the US grew by 2.00%, slightly beating estimates of 1.90%. Gold sold off from the highs of the session but has since stabilized in the mid $1,070s. Near term resistance is at the double top of $1,080 and gold will likely need impetus from other markets to break through this area. The euro is up for the third consecutive day but has significant resistance looming overhead at the convergence of its 100 and 200 day moving average around 1.105. If the euro can break through this major level, gold has a good chance of moving higher as well.
Silver is up nearly 4.50% over the last three trading days but is looking vulnerable as gold has sold off from its highs. Offers in silver are waiting ahead of $14.50 while dips will likely be bought around psychological support at $14. With Christmas and New Year’s right around the corner, I would expect the precious metals to have relatively muted activity as the year comes to a close.