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
Friday, November 14, 2014
Market Commentary
1-Day Commodity Moves (%)
Gold moved lower overnight to open the day at 1150.00/1151.00.
It dipped to a low of 1146.50/1147.50 following U.S. data that
showed an increase in consumer spending. A reversal in the dollar
sparked a short covering rally that took gold to high of
1193.00/1194.00 as oil prices recovered. Gold ended the day at
1186.50/1187.50.
Silver drifted lower overnight, opening the session at 15.32/15.37.
It declined to a low of 15.27/15.32 before advancing past the $16
level to post a high of 16.37/16.42, prior to concluding the session
at 16.31/16.36.
Gold
2.4
Silver
4.2
Platinum
1.4
Palladium
-0.2
Oil WTI fut
2.4
Copper fut
1.8
EUR
0.4
S&P 500
-0.1
CRB
0.8
-1
0
1
2
3
4
5
5-Day Commodity Moves (%)
Gold
4.3
Technical Commentary
Silver
5.9
Gold has closed at 1187, breaking above expected resistance at
1178 to reach its highest level since late October. The failure to
maintain gains above the October closing low of 1191 hints to the
potential for near term resistance, beyond which we look to the 21
day MA (1195) and 1200. On a weekly basis, we note the
formation of a second consecutive bullish hammer doji, with this
week’s high and low rising from the previous week.
Silver has closed at 16.34, decisively breaking above its 9 day MA
(15.73) while failing to reach the 21 day MA (16.45). As with gold,
the weekly candles for silver are bullish given the formation of a
second consecutive hammer doji and rise above the October 31st
close of 16.15. We look to the 4 week and 9 week MA’s (16.36 and
16.93 respectively) as the next key upside levels.
Platinum
1.5
Palladium
2.1
Oil WTI fut
-3.4
Copper fut
0.3
EUR
0.6
S&P 500
0.2
CRB
-0.9
-4
-3
-2
-1
0
1
2
3
4
5
6
7
1 Month Commodity Moves (%)
Gold
-3.7
Silver -6.7
Platinum
-4.0
Palladium
-2.3
Oil WTI fut -7.2
The gold-silver ratio has plunged to a 7-session low, making a
decisive break below its recent consolidation range near 74 while
failing to reach its 21 day MA (72.68). The weekly candles hint to a
bullish trend that remains unbroken, as we note this week’s range
that has provided for a fresh high with a low that has failed to
break to the previous week’s open of 72.73.
Copper fut
-1.4
EUR
-1.1
S&P 500
8.5
CRB
-2.6
-8.0
-6.0
-4.0
-2.0
0.0
11/14/14 15:03 (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
1150.00/1151.00
1193.00/1194.00
1146.50/1147.50
1186.50/1187.50
1,154.00
1,169.00
1,169.00
76.16
Gold OI
450,363
24
450,387
2.0
4.0
6.0
8.0
10.0
Source: Bloomberg
Technical
Levels etc.
Technical Levels,
Silver
15.32/15.37
16.37/16.42
15.27/15.32
16.31/16.36
15.35
NA
15.905
NA
Platinum
1,196.20
1,216.05
1,177.50
1,213.25
1,193.00
1,178.00
1,178.00
NA
Silver OI
175,263
7
175,270
Gold
Palladium
768.50
773.70
755.35
767.00
767.00
760.00
760.00
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
1,177.03
1,160.27
1,207.09
1,253.91
1,113.45
1,269.96
1,197.03
1,124.10
54
49
Silver
15.999
15.593
16.721
17.849
14.465
17.962
16.498
15.033
53
46
Platinum
Palladium
1,202
1,188
1,227
1,266
1,150
1,291
1,237
1,184
44
40
767.47
754.73
779.58
804.43
729.88
803.59
776.04
748.49
45
45
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
Friday, November 14, 2014
Gold: 2-Year Close with Moving Averages ($/oz)
Gold: 2-Month Candlesticks ($/oz)
1725
1250
1625
1225
1525
1200
1425
1175
1325
1150
1225
1125
Dec-12
Apr-13
Aug-13
Spot
Dec-13
100-Day
Apr-14
200-Day
Aug-14
1125
22-Sep
2-Oct
12-Oct
22-Oct
1-Nov
11-Nov
22-Oct
1-Nov
11-Nov
400-Day
Silver: 2-Year Close with Moving Averages ($/oz)
Silver: 2-Month Candlesticks ($/oz)
18.5
33.0
18.0
31.0
17.5
29.0
27.0
17.0
25.0
16.5
23.0
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
22-Sep
Aug-14
2-Oct
12-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
1,166.27
1,162.58
1,193.24
1,204.58
1,223.52
1,257.03
1,280.06
1,294.12
Silver
15.802
15.774
16.417
16.734
17.600
18.749
19.422
20.278
Platinum
1,203
1,209
1,234
1,243
1,302
1,372
1,408
-
Palladium
769.22
771.86
776.72
777.16
808.75
833.80
814.15
-
CAD
EUR
GBP
CHF
AUD
ZAR
JPY
as of:
1.1282
1.2525
1.5681
0.9590
0.8755
11.0956
116.2600
11/14/2014 15:03
CRB
DJAIG
CRUDE (fut)
S&P 500
US 10 Yr
US 30 Yr
CDN 10 Yr
as of:
266.79
116.88
75.97
2036.88
2.32
3.05
2.04
11/14/2014 15:03
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