PM Daily Market Commentary - 7/30/2013

davefairtex
By davefairtex on Tue, Jul 30, 2013 - 11:06pm

Gold finished the day up all of $0.60 on slightly below average volume to 1326.80, while silver was down $0.08 to 19.70.  This moved the gold/silver ratio climbed again to 67.33.  Gold remains at the 50 day moving average in the middle of its 1310-1350 trading range.

The dollar was up 0.17% today - it appears to be bottoming at or about its 200 day moving average.  Bottoming of the buck is something we've been anticipating with a bit of concern since it will make it harder for gold to rally, although at least for right now gold seems to be bearing up well when the dollar rallies intraday.

Other commodities have not had it so easy - the overall commodity complex was mostly flat, but copper [-1.96%] and oil [-1.36%] both sold off.  Sometimes silver seems to be affected by one or the other of these two, but it wasn't, at least not today.

Gold mining stocks are still holding in a tight consolidation above their 50 day moving average.

The FOMC finishes Wednesday, and the period of particular volatility we are concerned with is marked by the release of the minutes at 1400 EST.  I get the definite sense that both the PM market and the equity market is just marking time until FOMC is out of the way.

 

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