What’s the Key to Unlock this Market?

Who has the key to unlock this market? We all realize that this market was oversold after the final down day after the job number, so is there any event or news that can unlock the trading range we are in? I’m having a tough time finding any. So unfortunately we just sit here until the next FOMC
meeting. A month away you say? I’m sorry to say there’s a possibility of no real news on the horizon.

Wall street traders continue to express a bearish attitude if that helps anyone.

For those who follow Platinum, spot Platinum fell to its lowest level in seven years.

There really not much else to write about, so for those who like the technical side of the market here’s some levels of support and resistance. Gold support is $1,073, then $1,050 with resistance at, no surprise, $1,100. Silver support is $13.95 then $13.70 with resistance at $14.74.

In a quiet market like this with lack of quality bids around the market tends to drift lower.

I tried to fill the page because I get paid by the character, but I guess I’ll have to go without lunch today.

Have a wonderful Wednesday and, a serious note, thanks to all of our veterans for their service to our country, keeping freedom alive.

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.