PM Daily Market Commentary - 10/28/2013

By davefairtex on Tue, Oct 29, 2013 - 12:37am

Gold closed up +0.30 to 1352.80 on moderate volume, and silver closed down -0.09 to 22.50 on light volume.  The gold/silver ratio rose +0.25 to 60.12.  Gold scored a new high at 1361.80 but was unable to hold the high, printing a doji by end of day.  Momentum for PM seems to be waning, and gold's doji signals a possible reversal.  Gold/silver ratio has been moving up of late, which adds to this picture.

The buck was up +0.13 [+0.16%] to 79.39.  That dollar reversal is looking more possible.  A close above 79.50 would start the ball rolling.

GDX made another high today, but like gold, couldn't hold it, and closed up +0.84%, on light volume.  GDXJ was down -0.89% on moderate volume.

While the bullish picture is deteriorating a bit, the relatively light-to-moderate volume all around says we shouldn't put too much emphasis on today's events.  If this same price action had occurred on heavy volume, it would be a different picture.


Login or Register to post comments