Mid-Day Gold & Silver Market Report – 10/25/2013
GOLD RALLIES BACK TO EVEN ON WEAK CONSUMER SENTIMENT
The Gold price has risen back to even levels following early losses as weak consumer sentiment data increased the appeal of Precious Metals, setting Gold up to realize a week of gains. “Bad news is a good news for gold,” Naeem Aslam, chief market analyst at AvaTrade, said. “Core durable good and consumer sentiment have further firmed the optimism” for continued quantitative easing. “We have to keep in mind that we still need to factor in the cost of a government shutdown for November’s data, which does not seem good either,” he said. Technical traders of Gold are now looking for the yellow metal to break through the next resistance level of $1,380 before it can break out of its current range and signal the potential start of a bullish move in the short to medium term.
Another day of modest gains for U.S. stocks has pushed the S&P 500 to within one point of its all-time intraday record. Investors and analysts continue to scrutinize economic data to determine the future of the Federal Reserve’s quantitative easing program. “Earnings have been good enough and the liquidity spigot is open so that people see very little risk in the system,” Charlie Smith, chief investment officer of Fort Pitt Capital Group Inc., said. “It’s like a giant game of musical chairs. The attitude on the part of most investors is that they have to play while the Fed got the music going.”
At 2:33 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,353.10, Up $0.80.
- Silver, $22.60, Down $0.27.
- Platinum, $1,455.50, Down $1.70.
- Palladium, $744.30, Down $4.50.
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