Morning Gold & Silver Market Report – 11/6/2013
DOLLAR TRADE GIVES INVESTORS CLUES; PALLADIUM COULD HIT $1,100
The Gold price is heading higher in morning trading after hitting a three-week low. Analysts are still looking to the U.S. dollar for clues as to Gold’s movement. CME Group explained, “Once again, the Gold market seemed to shift its market focus from a recent fear of U.S. tapering to a temporary period where positive data served to lift prices. The Gold trade might be expected to continue to watch for upbeat data and that could lift Gold prices if that in turn doesn’t serve to lift the greenback.”
Palladium has enjoyed a nice year, and someone is finally noticing. J.C. Parets of the All Star Charts blog, and founder and president of Eagle Bay Capital, LLC, believes that Palladium’s rally isn’t quite over and predicted a price of $1,100 per ounce in the longer term. Parets’ technical analysis led him to this prediction, and he mentioned Palladium as “one [Precious Metal] that doesn’t get a lot of attention. I love that.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.20, Up $9.10.
- Silver, $21.93, Up $0.25.
- Platinum, $1,467.40, Up $16.40.
- Palladium, $759.60, Up $8.30.