Gold & Silver Daily Market Recap: September 17th 2012

Cache Metals Gold & Silver Daily Market Report

Precious metals have paused after two solid days of gains last week after the after the Federal Open Market Committee (FOMC) announced further loosening of monetary policy to reinvigorate the sluggish U.S economy launching  QE3 after much anticipation.

Spot gold still hung on to gains Monday trading on either side of $1770 in a quiet Monday trade with little U.S economic data due out. With the Feds pledging to inject $40 billion into the economy each month and this will be ongoing until the economy can show positive growth. The Fed's also pledged to continue "Operation Twist" and foresees low interest rates through to 2015.

"buying on dips, especially in gold and silver, remains a viable strategy as we expect the upward price momentum among precious metals from the Fed’s commitment to remain in place over the medium term" said Standard bank

Data wise the week starts to heat up Wednesday with U.S new building permits and existing home sales followed by Thursday which is the weekly Initial Jobless claims and the HSBC Flash Manufacturing PMI for China and the Philly Fed manufacturing index.

The U. S dollar has traded lower but that's been a given with recent action by the Feds, the Euro has rallied to 1.3172 vs. the green back and now having broke through the 1.3000 traders are expecting gains to continue with selling coming in at 1.3260 and 1.3380.

Spot silver has had it impressive run stopped for the time being. The dual role metal has rallied from $29.50 to $34.92 before profiting taking has kicked in. The next major upside target for the metal is its 2012 highs of $37.51 set back in February. The upside is strong but remains over bought; we look for a retrace lower with dip buying remaining in place. The gold silver ratio has been clearly bearish and looks to trade lower and is now setting its target on breaking through 50.80 after touching that level once. A break of that support would lead to a 48.70.


  Gold Silver
Support $1750/$1725 $33.22/$33.00
Resistance $1790/$1800 $35.60/$37.51


September 17th Closing Prices

Gold $1767.70
Silver $34.30
Platinum $1672
Palladium $689


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