Strategist Contact Information
Global Research
Russell Browne - [email protected]
Trading Contacts
Gold & Silver Marketwatch
Reuters MMCN or (212) 225-6200
Stephen Abbriano - [email protected]
Robert Lockwood - [email protected]
Daily Update
Thursday, November 13, 2014
Market Commentary
1-Day Commodity Moves (%)
Gold edged higher overnight to open the day at 1162.00/1163.00.
It advanced shortly after U.S. data showed an increase in the
number of initial jobless claims. The metal then declined to a low
of 1160.50/1161.50 before rebounding to a high of
1167.75/1168.75 on dollar weakness as crude oil prices fell to a
new 4-year low following weak Chinese data showed a drop in
factory output. Gold pulled back towards the end of the day to
close relatively flat at 1161.75/1162.75.
Silver moved slightly higher overnight, opening the session at
15.70/15.75. Shortly after the open, it touched a high of
15.79/15.84 before retreating to a low of 15.61/15.66, prior to
concluding the session at 15.63/15.68.
Gold
-0.3
Silver
-0.7
Platinum
-0.7
Palladium
-0.9
Oil WTI fut
-3.7
Copper fut
-1.3
EUR
0.4
S&P 500
-0.3
CRB
-1.4
-4
-3
-2
-1
0
1
5-Day Commodity Moves (%)
Gold
1.5
Silver
1.1
Technical Commentary
Platinum
0.0
Gold has closed at 1162.25, forming its second consecutive doji in
a sign of continued uncertainty. The recent consolidation has
centered around the 9 day MA (1159), and has occurred alongside
a moderation in bearish momentum indicators. We continue to
look for a break of Friday’s candle, with a real body between 1142
and 1178 encapsulating the recent range.
Silver has closed at 15.66, unchanged from Wednesday at the
mid-point of a four-session range bound between 15.47 and 15.90.
Closing resistance continues to be observed at the 9 day MA
(15.70), and we look to potential support around the November
7th open of 15.41. Momentum indicators are bearish; however,
they have moderated from the oversold levels observed last week.
Palladium
2.3
Oil WTI fut
-4.6
Copper fut
-1.1
EUR
0.9
S&P 500
0.0
CRB
-1.1
-5
-4
-3
-2
-1
0
1
2
3
1 Month Commodity Moves (%)
Gold
Silver
-6.2
-10.9
Platinum
-5.5
Palladium
-2.1
Oil WTI fut -13.3
The gold-silver ratio is up modestly, rising from Wednesday’s doji
suggesting upside risk following the consolidation. However, we
note the intraday break below the 9 day MA and highlight that
momentum indicators have moderated from their recent
overbought levels. We focus on the recent multi-year high near
74.70, as well as expected support around 74.00.
Copper fut
-1.8
EUR
-2.1
S&P 500
8.4
CRB
-15.0
-3.8
-10.0
-5.0
0.0
11/13/14 14:30 (last updated)
Notable Ranges & Technical Levels
Gold
Open
High
Low
Close / Last Mid*
London Pricing AM
London Pricing PM
Handy Harman (Base)
Gold / Silver Ratio
Open Interest
COMEX
CBOT
Total
1162.00/1163.00
1167.75/1168.75
1160.50/1161.50
1161.75/1162.75
1,161.00
1,161.75
1,161.75
73.81
Gold OI
440,596
25
440,621
5.0
10.0
Source: Bloomberg
Technical
Levels etc.
Technical Levels,
Silver
15.70/15.75
15.79/15.84
15.61/15.66
15.63/15.68
15.74
NA
15.735
NA
Platinum
1,202.95
1,206.30
1,194.20
1,194.05
1,202.00
1,201.00
1,201.00
NA
Silver OI
171,698
7
171,705
Gold
Palladium
774.95
780.20
767.00
768.20
774.00
771.00
771.00
NA
Pivot
Primary Support (Buy)
Primary Resistance (Sell)
HBOP
LBOP
Bollinger Band Upper
Bollinger Band Mid
Bollinger Band Lower
Relative Strength 9 Day
Relative Strength 14 Day
1,161.10
1,151.97
1,168.18
1,184.39
1,135.76
1,270.23
1,195.45
1,120.67
38
38
Silver
15.653
15.496
15.745
15.994
15.247
17.977
16.461
14.944
29
29
Platinum
Palladium
1,200
1,189
1,206
1,223
1,172
1,292
1,236
1,180
31
32
772.93
762.27
778.87
795.47
745.67
803.57
776.10
748.63
46
46
Close/last mid refers to the spot closing floor price in gold and silver, and spot’s last mid
price as provided by Bloomberg in platinum & palladium spot.
All other data provided by Bloomberg. Actual market levels may differ.
1
Gold and Silver Market Watch
Thursday, November 13, 2014
Gold: 2-Year Close with Moving Averages ($/oz)
Gold: 2-Month Candlesticks ($/oz)
1725
1250
1625
1225
1525
1200
1425
1175
1325
1150
1225
1125
Dec-12
Apr-13
Aug-13
Spot
Dec-13
100-Day
Apr-14
200-Day
Aug-14
1125
19-Sep
29-Sep
9-Oct
19-Oct
29-Oct
8-Nov
29-Oct
8-Nov
400-Day
Silver: 2-Year Close with Moving Averages ($/oz)
Silver: 2-Month Candlesticks ($/oz)
19.0
33.0
18.5
31.0
18.0
29.0
27.0
17.5
25.0
17.0
23.0
16.5
21.0
16.0
19.0
15.5
17.0
15.0
Dec-12
Apr-13
Spot
Aug-13
Dec-13
100-Day
Apr-14
200-Day
15.0
19-Sep
Aug-14
29-Sep
9-Oct
19-Oct
400-Day
Source: Bloomberg (may differ from market spot prices)
Moving Averages
5 Day MA
10 Day MA
20 Day MA
30 Day MA
60 Day MA
100 Day MA
200 Day MA
400 Day MA
Markets
FX Majors
Gold
1,163.06
1,160.52
1,195.45
1,204.49
1,224.96
1,258.25
1,280.43
1,294.82
Silver
15.680
15.750
16.461
16.749
17.650
18.795
19.440
20.298
Platinum
1,203
1,212
1,236
1,244
1,305
1,374
1,409
-
Palladium
770.46
774.38
776.10
776.80
810.77
834.54
813.86
-
CAD
EUR
GBP
CHF
AUD
ZAR
JPY
as of:
1.1371
1.2486
1.5716
0.9627
0.8717
11.2223
115.6600
11/13/2014 14:30
CRB
DJAIG
CRUDE (fut)
S&P 500
US 10 Yr
US 30 Yr
CDN 10 Yr
as of:
265.24
115.95
74.29
2031.65
2.34
3.07
2.04
11/13/2014 14:30
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