From my hotel room in Dallas. I will be spending a good part of the week here. We begin the week with selling pressure out of the Far East.
Gold trading under $1,140 this morning with the remnants of stops being triggered at that level overnight. Continued stronger dollar helping the shorts in the Gold market gain momentum. Next level to watch is $1,131 in December, then possibly test the $1,110, according to Wall Street Gold technicians. Wall Street Gold traders out of the market at the moment waiting to see if there will be any indication from any of the FED governors about a possible rate hike in December. Until then, any news out of the FED is the only catalyst the Gold market has at this time.
Silver holding her breath above her support level of $15.31, with nothing to hold her from asking for a life preserver if we break that level, down to $15 dollars.
Strong selling out of China overnight in the PGM metals. The traders that were supporting Platinum at the $1,000 level have given up all hope and have turned strong sellers expecting continued pressure from China as the economy there continues to decline.
Oil under pressure also this morning. So if your favorite color is RED you’ll enjoy looking at your computer screen today.
Have a wonderful Monday.
Walter Pehowich is the executive vice president of precious metals investment services for Dillon Gage with over 38 years of experience in precious metals investment services. His career began in 1977 at Bache (which evolved to Prudential-Bache Securities and then Jefferies Investment Bank). While at Jefferies, he served as senior vice president with oversight of investment grade precious metal products. Pehowich holds a National Futures Association (NFA) Series 3 license, authorizing him to advise and sell alternative investments in commodities and futures markets.