PM Daily Market Commentary - 4/3/2014

davefairtex
By davefairtex on Thu, Apr 3, 2014 - 7:50pm

Gold closed down -3.30 to 1286.60 on light volume, while silver was down -0.15 to 19.83 on light volume as well.  Both metals tried rallying in asia, and then sold off shortly after London opened.  Neither metal made new cycle lows today, but the failure to move higher off yesterday's rally is not a bullish sign.  Currently there does not feel like there is a lot of buying enthusiasm at the COMEX for either gold or silver.

The dollar rallied today at 0830 EST right after the important Nonfarm Payrolls report was released, which showed job growth remained on track at +191k jobs.  The buck closed up +0.23 to 80.62, making a new cycle high.

GDX dropped -1.03% on light volume, and GDXJ was off -2.38% on moderately heavy volume.  The mining shares were initially sold off on gold's price drop, but found some buying support near the close.  GDX remains within its consolidation box, and the buyers appearing late in the day was a good sign.

While the miners did seem to find buyers, gold lost most of its gains from yesterday as did silver.  So miners mildly bullish, metal mildly bearish.  In fact, most of the markets were in a holding pattern today - no major movement happened.  We remain waiting for the market to show itself. 

 

Login or Register to post comments