Good morning. It’s Thursday, November 9th, about 6 a.m. Central Time. Overnight, the precious metals are weaker after yesterday’s declining session. December gold on $4.19 54 d silver down $0.10 to 62. December copper unchanged at 3.63 and January. Platinum down two at 869. So overnight news, the U.S. fired on an Iranian weapons depot in Syria, calling it a self-defense move.
Market reaction. We saw crude oil jump up about a half a percent on that news. Crude oil, remember, is hovering right around a three month low after falling 7% in the last two days. It did break through that 200 day moving average, did break through some key levels of support and formed a head and shoulders. And the particular chart pattern here that we’re looking at on the daily chart.
Shifting gears to the gold market, it’s going to be a heavy day for Fed speakers. Right now, there’s a 9.6% chance that the Fed raises rates in December, according to some Fed Watch tool. We’ll see if any kind of changes to that occurs as a lot of these conversations take place. Looking at the economic data coming out, we’ve got initial claims and a USDA report, the current trend in critical levels we’re watching in the precious metals and the gold market.
Your first level supports 1950. We’ve traded on either side of that in the overnight session and then your resistance points. We’re going to have 1982. That’s going to be your 200 day moving average. And one other level I’m watching on the gold market, which is that 50 day moving average, 1939, that’s going to be a key level support down to the trend reversal point at 1936.
Shifting gears to the silver market, it’s neutral, but it’s consolidating but slightly drifting lower. Your resistance points resistance 150 day moving average 2293. Resistance to is going to be 2327. And your resistance three is the 200 day moving average at 2382, your support is 20 to 50. We traded below that in the overnight session and then beyond that it’s going to be 20 to 35, which is your trend reversal point.
You don’t want to see it closed below there. It’s going to shift back to a bearish trend and could have a similar chart pattern to something like, say, platinum, which has been declining for several sessions. Now, the outside markets here are mixed, the equity markets slightly firmer. The US dollar up ten basis points, 105 50 crude oil again up $0.32, 7565 and your ten year treasury yields 4.4.5 4%, up three basis points.
Yet eight questions on futures that option trading. Give me a call. 3128587303. Remember futures and options trading does involve risk loss may not be suitable to investors. Good luck and good trading.
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