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Gold Silver Marketwatch (Daily) - ScotiaMocatta

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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 - robert.lock[email protected]
Daily Update
Monday, October 27, 2014
Market Commentary
1-Day Commodity Moves (%)
Gold was unchanged overnight as it opened the day at
1230.75/1231.75. It rose marginally to a high of 1231.25/1232.25
before declining to a low of 1227.00/1228.00 as crude oil tumbled
close to its 4-year low; and global equities fell after Germany’s IFO
business climate index dropped to a near 2-year low as gold ended
the day at 1229.25/1230.25.
Silver was static overnight, opening the session at 17.17/17.22. It
climbed to a high of 17.22/17.27 before dipping alongside gold to
a low of 17.11/17.16, prior to concluding the session at
17.16/17.21.
Gold
-0.1
Silver
-0.3
Platinum
0.4
Palladium
0.7
Oil WTI fut
-0.4
EUR
0.3
S&P 500
-0.3
CRB
0.1
-1
0
1
5-Day Commodity Moves (%)
Gold
-0.7
Technical Commentary
Silver
-0.6
Gold closed at 1229.75, softening modestly to complete its fourth
consecutive session of decline with an intraday low that appears
to be flirting with 1227.80 – the 38.2% Fibonacci retracement of
the October rally. We focus on 1226 (the 21 day MA) followed by
1220, with near term upside likely limited above the 9 day MA
(1238.78). Momentum indicators are neutral, and a declining ADX
hints to the absence of a trend.
Silver has held flat, closing at 17.19 to end its third consecutive
session of consolidation around 17.20. Momentum indicators are
modestly bearish, and we expect near term upside to be limited by
the 9 day and 21 day MA’s (17.31 and 17.28, respectively). Recent
congestion has been generally bound between the 50% (17.24)
and 61.8% (17.11) Fibo retracement levels of the October rally,
and a break of these levels will provide clues to the near term
direction.
Platinum
-0.5
The gold-silver ratio has formed its second consecutive doji candle
at 71.55 highlighting uncertainty as the ratio remains close to its
recent multi-year high. We remain focused on the October 22nd
open of 71.30, as a break below this level would threaten the
bullish bias.
Notable Ranges & Technical Levels
Gold
1230.75/1231.75
1231.25/1232.25
1227.00/1228.00
1229.25/1230.25
1,230.50
1,228.75
1,228.75
71.52
Gold OI
410,909
3
410,912
Palladium
4.1
Oil WTI fut
-2.4
Copper fut
2.5
EUR
-0.7
S&P 500
2.9
CRB
-0.3
-3
-2
-1
0
1
2
3
4
5
1 Month Commodity Moves (%)
Gold
1.0
Silver
-3.1
Platinum
-4.8
Palladium
-3.7
Oil WTI fut -13.7
Copper fut
1.1
EUR
Open
High
Low
Close / Last Mid*
London Pricing AM
London Pricing PM
Handy Harman (Base)
Gold / Silver Ratio
Open Interest
COMEX
CBOT
Total
Copper fut
0.7
0.2
S&P 500
-1.2
CRB
-15.0
-3.5
-10.0
-5.0
10/27/14 15:27 (last updated)
0.0
5.0
Source: Bloomberg
Technical
Levels etc.
Technical Levels,
Silver
17.17/17.22
17.22/17.27
17.11/17.16
17.16/17.21
17.18
NA
17.180
NA
Platinum
1,249.50
1,260.18
1,248.25
1,255.15
1,256.00
1,253.00
1,253.00
NA
Silver OI
173,699
7
173,706
Gold
Palladium
781.75
788.40
778.10
785.70
781.00
788.00
788.00
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
1,230.39
1,226.29
1,233.28
1,240.27
1,219.30
1,255.78
1,225.72
1,195.65
46
47
Silver
17.221
17.071
17.309
17.546
16.834
17.642
17.288
16.933
39
38
Platinum
Palladium
1,255
1,248
1,262
1,277
1,233
1,302
1,266
1,231
41
38
784.57
779.53
791.03
802.53
768.03
805.69
776.08
746.47
54
49
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
Monday, October 27, 2014
Gold: 2-Year Close with Moving Averages ($/oz)
Gold: 2-Month Candlesticks ($/oz)
1775
1300
1675
1275
1575
1250
1475
1225
1375
1200
1275
1175
Nov-12
Mar-13
Jul-13
Spot
Nov-13
100-Day
Mar-14
200-Day
1175
4-Sep
Jul-14
14-Sep
24-Sep
4-Oct
14-Oct
24-Oct
4-Oct
14-Oct
24-Oct
400-Day
Silver: 2-Year Close with Moving Averages ($/oz)
Silver: 2-Month Candlesticks ($/oz)
34.5
20.0
32.5
19.5
30.5
19.0
28.5
18.5
26.5
24.5
18.0
22.5
17.5
20.5
17.0
18.5
16.5
Nov-12
Mar-13
Spot
Jul-13
Nov-13
100-Day
Mar-14
200-Day
16.5
4-Sep
Jul-14
14-Sep
24-Sep
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
1,236.36
1,238.08
1,226.47
1,224.69
1,253.10
1,273.81
1,285.77
1,303.25
Silver
17.247
17.319
17.273
17.500
18.460
19.338
19.677
20.546
Platinum
1,261
1,261
1,264
1,286
1,356
1,405
1,421
-
Palladium
778.44
771.32
775.57
787.77
831.33
841.30
810.13
-
CAD
EUR
GBP
CHF
AUD
ZAR
JPY
as of:
1.1238
1.2708
1.6127
0.9487
0.8803
10.9402
107.7100
10/27/2014 15:27
CRB
DJAIG
Crude (fut)
S&P 500
US 10 Yr
US 30 Yr
CDN 10 Yr
as of:
270.41
116.83
80.71
1959.25
2.26
3.04
2.01
10/27/2014 15:27
This report has been prepared on behalf of Scotiabank and is not for the use of private individuals. The Scotiabank trademark represents the precious metals business of The Bank of Nova Scotia. Scotiabank, together with “Global
Banking and Markets”, is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate. The Bank of Nova
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