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, December 19, 2014
Market Commentary
1-Day Commodity Moves (%)
Gold was moderately static overnight as it opened the day at
1196.75/1197.75. The metal touched a high of 1200.00/1201.00
before falling to a low of 1195.00/1196.00 on dollar strength as
global equities rose and crude oil prices rebounded from 5-½-year
lows. Gold was mostly range bound as it ended the day relatively
flat at 1195.50/1196.50.
Silver was unchanged overnight, opening at the session low of
15.85/15.90. It touched a high of 16.06/16.11 and traded narrowly
for the remainder of the session before closing at 16.00/16.05.
Gold
-0.2
Silver
1.1
Platinum
-0.1
Palladium
1.8
Oil WTI fut
4.5
Copper fut
1.5
EUR
-0.5
S&P 500
0.6
CRB
1.0
-1
0
1
2
3
4
5
5-Day Commodity Moves (%)
Technical Commentary
Gold
-2.6
Gold has closed at 1196, unchanged from yesterday’s close with a
narrow intraday range hinting to consolidation amid uncertainty.
On a weekly basis, gold has fallen for the first week in three, and
its close above the prior week’s open provides a modest offset to
bearish daily technicals. We remain focused on 1980 as a near
term support level, beyond which we look to the December 1st
low of 1142.88.
Silver closed at 16.03. Technicals are mixed given the bearish
momentum indicators and the modest gains since Wednesday. On
a weekly basis, silver has also fallen for its first week in three, and
its close below the prior week’s open hints to further downside
risk. We focus on 15.45 as a level of potential near term support,
followed by the December 1st low of 14.42.
Silver
-5.7
Platinum
-3.4
Palladium
-1.4
Oil WTI fut
-2.2
Copper fut
-1.1
EUR
-1.9
CRB
-1.4
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
Gold
-0.1
Silver
-0.7
Platinum
-0.6
Oil WTI fut
4.3
-24.2
Copper fut
-4.3
EUR
-2.6
S&P 500
1.2
CRB
-30.0
-9.8
-25.0
-20.0
-15.0
12/19/14 15:25 (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
1196.75/1197.75
1200.00/1201.00
1195.00/1196.00
1195.50/1196.50
1,197.50
1,195.50
1,195.50
75.38
Gold OI
372,834
24
372,858
5
1 Month Commodity Moves (%)
Palladium
The gold-silver ratio has fallen to 74.50, completing its third
consecutive decline. We look to 74.00 as a level of near term
support, followed by the short term MA’s around 73.50.
Momentum indicators remain biased to further upside.
S&P 500
3.6
-10.0
-5.0
0.0
5.0
10.0
Source: Bloomberg
Technical
Levels etc.
Technical Levels,
Silver
15.85/15.90
16.06/16.11
15.85/15.90
16.00/16.05
15.86
NA
16.040
NA
Platinum
1,200.40
1,204.35
1,195.35
1,198.60
1,199.00
1,197.00
1,197.00
NA
Silver OI
149,096
2
149,098
Gold
Palladium
793.05
807.85
788.55
807.10
792.00
795.00
795.00
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
1,201.37
1,188.72
1,208.85
1,228.98
1,168.59
1,232.67
1,202.90
1,173.32
47
48
Silver
16.043
15.852
16.252
16.652
15.452
17.298
16.387
15.477
44
45
Platinum
Palladium
1,202
1,189
1,212
1,235
1,165
1,254
1,221
1,190
40
42
797.75
787.65
817.20
846.75
758.10
821.46
801.24
781.03
57
55
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, December 19, 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
Jan-13
May-13
Sep-13
Spot
Jan-14
100-Day
May-14
200-Day
Sep-14
1125
27-Oct
6-Nov
16-Nov
26-Nov
6-Dec
16-Dec
26-Nov
6-Dec
16-Dec
400-Day
Silver: 2-Year Close with Moving Averages ($/oz)
Silver: 2-Month Candlesticks ($/oz)
33.0
17.5
31.0
17.0
29.0
16.5
27.0
16.0
25.0
23.0
15.5
21.0
15.0
19.0
14.5
17.0
15.0
Jan-13
May-13
Spot
Sep-13
Jan-14
100-Day
May-14
200-Day
14.0
27-Oct
Sep-14
6-Nov
16-Nov
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
1,194.95
1,208.59
1,202.90
1,194.97
1,203.32
1,229.28
1,263.77
1,281.17
Silver
15.918
16.424
16.387
16.265
16.610
17.614
18.813
19.872
Platinum
1,200
1,219
1,221
1,215
1,236
1,304
1,380
-
Palladium
791.65
801.65
801.30
791.45
784.64
815.12
819.93
-
CAD
EUR
GBP
CHF
AUD
ZAR
JPY
as of:
1.1606
1.2225
1.5635
0.9843
0.8143
11.5728
119.5300
12/19/2014 15:25
CRB
DJAIG
CRUDE (fut)
S&P 500
US 10 Yr
US 30 Yr
CDN 10 Yr
as of:
240.29
108.66
56.52
2073.70
2.17
2.77
1.82
12/19/2014 15:25
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